Looking Back, March 16, 1961: Soybean company comes to Quincy
A newly formed Washington company will invest $2 million in a soybean processing and oil refining plant in Quincy.
Columbia Vegetable Oils, Inc., will begin operations when the plant is completed early next year. The company last Friday reached an agreement for warehouse facilities with the Quincy Port District. The storage building will be completed in time to accommodate this fall’s soybean crop.
Lyle Kleinschmidt and Austin Fraser, both from Seattle, are principals in the company.
Kleinschmidt said Columbia Vegetable Oils is being established to meet a yearly potential soybean production of 30 thousand acres in the Columbia Basin.
The plant’s initial capacity will be about 100 tons of soybeans each day, working on a ‘round-the-clock, seven-day-a-week basis. Kleinschmidt said soybeans will be imported from the Midwest at first, until Columbia Basin Farmers begin growing the crop in quantity.
“At present prices soybeans can be a $2.5 to $3 million cash crop in the Columbia Basin each year,” he said.
Refined soybean oil is used widely in food processing. Columbia Vegetable Oils will produce about 10 million pounds of oil each year. In addition, 45 million pounds of soybean meal and flour will be processed each year.
More than 36 million pounds of refined soybean oil presently is consumed in Pacific Northwest markets. Kleinschmidt said one of the beginning steps in organizing the company was a soybean market study undertaken last year by the Department of Commerce and Economic Development. The Department of Commerce aided the company in locating industrial sites.