Ceres Global Ag, CGB Form Savage Riverport LLC
Ceres Global Ag Corporation and Consolidated Grain & Barge Company (CGB) announced May 1 an agreement to jointly own and operate a new company called Savage Riverport LLC. The terminal is located in Savage, Minn., about 15 miles upstream of the Twin Cities on the Mississippi River.
Previously owned and operated by Riverland Ag, the Savage terminal will now be owned and operated as a joint venture between the two companies and will buy, store and ship wheat, corn, soybeans, oats, rye and other products loaded on the TCWR, BNSF, UP and CP railroads, as well as receive truck grain.
The facility has 9.2 million bushels of grain storage with high speed truck and rail receiving capacity, as well as rail and barge shipping capabilities.
“Partnering with CGB at the Savage location is a strategic move for Ceres,” said Robert Day, president and CEO of Ceres. “The formation of this company maintains critical access to river, rail and truck logistics in the Upper Mississippi River region while also generating capital that we will deploy for growth in other areas of our business. By maximizing total volume from all the products each of our companies provide our customers with, we will significantly lower cost per unit handled.”
Steve Burbink, director of business development for CGB, added, “CGB is looking forward to continued expansion into new markets with producers, cooperatives and commercial grain elevators. We’ve successfully worked with Riverland for the past five years and that relationship has built a solid foundation for creating this business.”
Through its network of commodity logistics centers, Ceres Global Ag procures and provides North American agricultural commodities and value-added products, industrial products, fertilizer, energy products and supply chain logistics services to customers worldwide.
Headquartered in Minneapolis, Minn., Ceres operates six locations, Duluth, Minn.; Minneapolis, Minn.; Savage, Minn.; Shakopee, Minn.; Northgate, Saskatchewan; and Port Colborne, Ontario.
Consolidated Grain & Barge Compnay is a wholly owned subsidiary of CGB Enterprises Inc., which is headquartered in Mandeville, La., and is the holding company for the diversified businesses that comprise the CGB family, with more than 2,500 employees and operations in 40 states.
