| April 11, 2008
Mustard Capital wins top Saskatchewan award
Source: Leader Post, Regina, SK
Mustard Capital Inc. of Gravelbourg is the 2008
winner of the Saskatchewan Economic Development Association's
award of excellence for outstanding economic development initiative.
The award, which was presented at SEDA's annual
awards in Saskatoon earlier this month, is for an agency that
has "successfully advanced the community, regional or provincial
economy through an economic development initiative."
Mustard Capital Inc. (MCI) is a community-owned
venture operating in the world's leading mustard production area
of south-central Saskatchewan.
"It's nice to be recognized,'' said Tom
Halpenny, CEO of Mustard Capital. "There's a lot of work
that goes into developing a venture like this ... Everyone can
look back and be proud of the work that they've done.''
Begun in September 2007, Mustard Capital is
a dry mustard milling facility that provides processed, high-quality
yellow, oriental and brown mustard ingredients to markets around
the world.
Halpenny said 90 per cent of the company's production
is exported, with about 60 per cent destined for the U.S. market.
About $1 million was invested in an existing facility, which now
has production capacity of 4,000 to 5,000 tonnes annually.
"There have been some challenges in the
form of high commodity prices and wildly fluctuating currency
values,'' Halpenny said, adding that currency hedging and careful
management have enabled MCI to weather the market volatility.
The plant has 10 employees, including eight
full-time, and operates 16 to 20 hours a day. "We've had
a fairly good response globally ... We're feeling quite pleased
with how successful we've been."
Halpenny said MCI is looking to expand production
at the existing facility by 30 to 60 per cent this year, with
the view to building a brand new plant in the next year or two.
"We do have a phased expansion plan,''
Halpenny said. "Phase three is when we would look at a stand-alone
large facility."
Mustard Capital Inc. was the brainchild of the
Gravelbourg Economic Development Committee nearly seven years
ago.
Financial contributions from the Red Coat REDA,
Advancing Canadian Agriculture and Agri-Food Saskatchewan (ACAAFS)
program, the Town of Gravelbourg, community members, private investors,
shareholders and various government agencies helped ensure the
project's success.
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