Previously owned and operated by Riverland Ag (a fully-owned and integrated subsidiary of Ceres), the Savage terminal now will 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.
|Robert Day, president and chief executive officer of Ceres|
“Partnering with CGB at the Savage location is a strategic move for Ceres,” said Robert Day, president and chief executive officer 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.”
Ceres is headquartered in Minneapolis, Minnesota, U.S. Its wholly-owned facilities throughout North America have an aggregate grain and oilseed storage capacity of approximately 34.4 million bushels.
Consolidated Grain and Barge Co. is a wholly owned subsidiary of CGB Enterprises, Inc., which is headquartered in Mandeville, Louisiana, U.S., and is the holding company for the diversified businesses that comprise the CGB family, with over 2,500 employees and operations in 40 states. In addition to the 97 grain facilities CGB operates, the company has dedicated operations in logistics and transportation, fertilizer, crop insurance, agri-finance, soybean processing, producer risk management, and other related businesses.