US food giant Schwan’s Company has invested in local business Tru Shrimp in a bid to grow in-land shrimp production.
Financial terms were not disclosed.
“We have been watching with great interest the concept and the progress that was being made by Tru Shrimp. At Schwan’s, we are intrigued and excited about the possibilities of in-land shrimp production and view this as an excellent opportunity to provide consumers with a predictable and traceable supply of nutritious shrimp,” Schwan’s Company CEO Dimitrios Smyrnios said.
Tru Shrimp is owned by US agri-food business Ralco and was set up to develop an inland shrimp business.
The companies plan to convert manufacturing space in Marshall in Minnesota owned by Schwan’s Company into a shrimp-processing facility. Tru Shrimp is also looking for a shrimp hatchery in the city.
“The Schwan’s Company investment completes the capital footing of Tru Shrimp and fuels our plans to full speed. Work is progressing on every aspect leading to the production and marketing of safe and abundant shrimp,” TruShrimp CEO – and former Schwan’s Company executive – Michael Ziebell said.