The trū® Shrimp Company, an affiliate of Ralco, and Schwan’s Company, a national US food business, announced that they have formed a strategic partnership designed to help propel in-land shrimp production forward. As part of the new partnership between the Marshall, Minn.-based companies, Schwan’s Company is making a significant investment in the trū® Shrimp Company. Terms of the partnership were not disclosed.
Both companies said the partnership will generate opportunities to work together in providing consumers with safe, natural shrimp. Jon and Brian Knochenmus of trū Shrimp have also invited Schwan’s Company to designate a member to join the board of directors.
“We have been watching with great interest the concept and the progress that was being made by trū 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,” said Schwan’s Company CEO Dimitrios Smyrnios. “We are also proud to work with trū Shrimp as it develops its core business in our hometown of Marshall to the benefit of the southwest Minnesota area.”
Ralco President and CEO Brian Knochenmus said it is a rare opportunity for two companies with global distribution from southwest Minnesota to share such similar missions and values. The similarities make the partnership a perfect fit, he said.
“We are eager to be a part of this strategic relationship with Schwan’s Company. This is our first opportunity to collaborate, and they are a proven company that brings great market insight and capabilities to assist the growth and development of trū Shrimp,” said Knochenmus. “Schwan’s Company recognizes the potential of what trū Shrimp is doing, and the impact it will have not only domestically but also internationally.”
An initial point of cooperation for the companies is the renovation of available manufacturing space in Marshall owned by Schwan’s. The space will be converted into the first shrimp-processing facility. There is a memo of understanding to lease the facility located in the Marshall Industrial Park to house the processing and packaging of shrimp for market. trū Shrimp is also working through the details of locating a shrimp hatchery in Marshall.
The Marshall Economic Development Authority (EDA) has been working diligently for years to ensure the epicenter of trū Shrimp take root in Marshall. This work has been confirmed by the partnership between the two companies.