Asset Classes: Manufacturing
Project Year: 2011
Ag Processing, Inc. (AGP) is a federated cooperative which was formed in 1983 and is headquartered in Omaha, NE. The project consists of extensive upgrades and improvements to AGP’s existing soy processing plant in Dawson, MN, a 1,500-person community in southwest Minnesota, which currently employs 72 full time workers. The Dawson facility had outlived its useful life and was not likely to remain competitive and profitable without the facility improvements. Its two extractors – the key production components for producing vegetable oil – were installed in 1964 and 1972 and were inefficient and outdated compared to current technologies. The NMTC investment is anticipated to allow the plant to continue to employ 72 people in full-time, well paying positions, and may allow another five to seven positions to be added as production volumes increase. The project is likely to have secondary positive economic impacts on the surrounding community because much of the soy bean is sourced within the region and much of the soy meal produced by the facility is distributed locally.