Research done at the facility would help farmers produce feeds more cost effectively for the livestock, poultry and aquaculture industries. Feed costs often constitute the largest single expense for those industries in Hawai'i.

The funding being sought by the Institute would be added to $3.7 million already raised for the proposed research feed mill in Hilo.

Some of the research done at the facility would look at ways to make use of existing agricultural waste products from the sugar cane, pineapple and macadamia nut industries.

"The lack of low-cost feeds is a severe impediment to profitability in both the livestock and aquaculture industries here in Hawaii," said Kevin Hopkins, a professor and Interim Director of the Pacific Aquaculture and Coastal Resources Center at the University of Hawaii-Hilo. "Our mechanism to reduce feed costs is to utilize local agricultural products and byproducts within our feeds."

Investment bank raises rating on Bank of Hawaii

Bank of Hawaii Corp. was raised to "outperform" from "market perform" by analyst Fredrick Cannon at Keefe, Bruyette & Woods, a New York-based investment bank.

The price target is $61 per share. Bank of Hawaii's shares closed today up 11 cents at $52.31.