Consolidated Grain and Barge Co. (CGB) and Riverland Ag (a fully owned and integrated subsidiary of Ceres Global Ag Corp.) announced an agreement to jointly own a new company called Savage Riverport, LLC. This company has assumed ownership and operation of a terminal located in Savage, MN.
The terminal, previously owned by Riverland Ag, will receive, store, and ship wheat, corn, soybeans, oats, rye and other products loaded on the TCWR, BNSF, UP and CP railroads, and by truck. 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.
"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 built a solid foundation for creating this business,” said Steve Burbrink, Director of Business Development at CGB.
“Partnering with CGB at the Savage location is a strategic move for 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,” said Robert Day, President & CEO of Ceres Global Ag Corp.
