CBG and Ceres Subsidiary Partner to Launch Savage Riverport, LLC
A joint venture between Consolidated Grain and Barge Co. (CBG) and Riverland Ag, a subsidiary of Ceres Global Ag Corp., has created the new company called Savage Riverport, LLC.
The company will receive, store, and ship wheat, corn, soybeans, oats, rye and other products by railway and truck out of the terminal it has assumed ownership of in Savage, Minnesota. The facility features high speed truck and rail receiving capacity and rail and barge shipping capacities, along with 9.2 million bushels of grain storage.
Robert Day, president and CEO of Ceres Global Ag Corp., which is headquartered in St. Louis Park, Minnesota, said of the venture, “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 the 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.”
Ceres wholly-owned facilities, of which Riverland Ag is one, have aggregate grain and oilseed capacity of approximately 34.4 million bushels. The CGB family of diversified businesses includes 2,500 employees in 40 states and 97 grain facilities. Its headquarters are in Mandeville, Louisiana.