FOR IMMEDIATE RELEASE
October 29, 2012
(Fargo, ND) On October 29th, 2012, Northstar Agri Industries, a subsidiary of PICO
Holdings, Inc. (Nasdaq:PICO) announced plans to build a Canola processing facility in
Enid Oklahoma. Subject to receiving all required regulatory approvals, commitment of
debt financing, and completion of remaining due diligence, construction is expected to be
completed prior to the Canola harvest in June 2015.
Northstar’s proposed facility would have the capacity to process 2,200 US tons of Canola
per day or 760,000 tons per year, and will include a full refinery capable of producing
580 million pounds of food grade refined Canola oil and 450,000 tons of Canola meal
annually. This significant investment in Oklahoma will create approximately
55 permanent full time jobs with a total annual payroll of approximately $3.75 million.
"This project is a tremendous opportunity for Oklahoma's agriculture sector," said
Brent Kisling, Enid Area Regional Business Development Manager. "The addition of a
value-added Canola processing plant in Oklahoma will provide regional farmers with a
much needed local market to support continued acreage growth. I believe winter Canola
production is a game changer for Oklahoma agriculture, providing a much needed
rotation crop, improving winter wheat yields and quality while increasing and
diversifying farm income. We are excited to work with Northstar to bring a new Canola
processing plant to the Enid area.”
Oklahoma Governor Mary Fallin welcomed Northstar by saying, "Oklahoma has a
priority of supporting the growth and expansion of our strong Agricultural and
Biosciences sector. I would like to personally welcome Northstar Agri Industries as a
new member of our Ag Bio family in Enid."
Northstar’s President and Chief Operating Officer, Neil Juhnke, commented: “Oklahoma
is a natural fit for us to expand and build upon the success of our Minnesota plant,
leveraging the core competencies and strategic relationships we have developed at
Northstar. We are excited about the opportunity to partner with Southern Great Plains
farmers to supply U.S. consumers and livestock producers with naturally heart healthy
Canola oil and Canola meal. We look forward to working with state of Oklahoma, the
city of Enid, and regional Canola producers and elevators to realize this exciting
For more information contact Neil Juhnke, President and COO of Northstar Agri
Industries at email@example.com or visit www.northstaragri.com.