Semolina Specialties Locates Plant in Crosby
Posted on June 19, 2001
BISMARCK, ND - Semolina Specialties, Crosby, received a $50,000 investment from the North Dakota Development Fund (NDDF) in addition to aid from other lenders to purchase machinery and equipment.
The Development Fund investment is part of a $4.6 million funding package. The lead lender in the project is Farm Credit Services of Minot. The project is also being funded by the Spirit Fund of Crosby, the Magic Fund of Minot and the Star Fund of Williston.
The NDDF is a financing program of the state�s Department of Economic Development & Finance (ED&F;) that invests in North Dakota businesses to ensure economic growth.
Gov. John Hoeven believes the impact of this new plant in Crosby will echo throughout North Dakota. �Durum farmers across the state will benefit from the Semolina Specialties plant,� he said. �Currently, 219 grower members are signed with the company and have agreed to commit a total of 400,000 bushels of durum for production.�
Semolina Specialties has been a vision for several years. Recently, a group of Crosby business leaders and growers entered into an agreement with Dakota Growers to purchase a plant in Minneapolis, Minn., which they decided to relocate to Crosby.
�The $50,000 investment from the Development Fund is a sound decision based on the other financial support and the potential that the project carries for the Crosby area and durum growers,� said Lee Peterson, director of ED&F.;
Owners expect to begin production in November 2001 but won't see monetary benefits until January 2002. Semolina Specialties has entered into additional contracts with Dakota Growers for milling of durum, marketing and purchasing of specialty pasta for distribution.
"We are pleased that the Crosby community believes enough in this project to have invested $135,000,� said Claude Smith, president of Semolina Specialties. �And this investment from the Development Fund illustrates comparable support from the state.�
ED&F; provides guidance, quality products and services that create and sustain local economic growth and diversity for communities across North Dakota. For more information about ED&F; or the NDDF, visit the web site at www.growingnd.com.
Contact: Lee Peterson, ED&F; Director, 701-328-5300.
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