Ceres Global Ag and Consolidated Grain and Barge Co. announce formation of Savage Riverport LLC
TORONTO, ON (Canada), May 1, 2018 – Ceres Global Ag (“Ceres” or the “Company”)(TSX: CRP) and Consolidated Grain and Barge Co. (“CGB”) today announced an agreement to jointly own and operate a new company called Savage Riverport, LLC.
Previously owned and operated by Riverland Ag (a fully-owned and integrated subsidiary of Ceres), 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 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.”
About Ceres Global Ag Corp. (ceresglobalagcorp.com)
Through its network of commodity logistics centers and team of industry experts, Ceres Global Ag Corp. procures and provides North American agricultural commodities & value added products, industrial products, fertilizer, energy products and reliable supply chain logistics services to customers worldwide.
Ceres operates six locations, Duluth, MN; Minneapolis, MN; Savage, MN; Shakopee, MN; Northgate, Saskatchewan and Port Colborne, Ontario, and is headquartered in Minneapolis, MN. Its wholly-owned facilities throughout North America have an aggregate grain and oilseed storage capacity of approximately 34.4 million bushels.
Ceres also has a 25% interest in a short-line railway located in southeast Saskatchewan with a range of 130 kilometers, and a 17% interest in Canterra Seed Holdings Ltd, a Canadian-based seed development company.
About Consolidated Grain and Barge Co.
Consolidated Grain and Barge Co. 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 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 (CTLC), fertilizer, crop insurance (Diversified Services), agri-finance, soybean processing, producer risk management, and other related businesses. For more information on CGB Enterprises, Inc. and its family of businesses, please visit us at www.cgb.com.
For more information please contact:
Heidi Christensen Brown
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