Ceres Global Ag to sell grain storage facility

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

Ceres Global Ag Corp. announced that its 100% owned subsidiary, Riverland Ag Corp., has entered into an agreement to sell its Savage, Minn., grain storage facility to Consolidated Grain and Barge Co. Consolidated Grain and Barge Co. is a wholly owned subsidiary of CGB Enterprises, Inc., based in Mandeville, La. The transaction is expected to close by the end of June, 2014, and is subject to satisfaction of certain conditions and relevant regulatory approvals.

“This sale is another milestone in our plan to transform Riverland’s operations and fund the construction of the Northgate commodity logistics centre, and it builds on the recent announcement to sell our Manitowoc, Wis., facility,” said Michael Detlefsen, president and CEO of Ceres. “Our focus is to optimize the capacity utilization for the remaining Riverland facilities, continue to develop our active grain trading and merchandising capabilities, and to build a high-throughput grain elevator at Northgate.”

Gross proceeds from the sale of the Savage facility will be $17.8 million. Under the terms of the sale, Ceres, through Riverland, will lease back from CGB 3.5 million bushels of storage capacity at Savage for a six-year term.

“The capacity Riverland has agreed to lease back at Savage will ensure that we retain a presence in the spring wheat and oat delivery markets, which are crucial markets in the region,” said Craig Reiners, President & CEO of Riverland Ag.

“CGB is excited about entering the Savage market and serving new customers in that area. We also plan to expand our Fertilizer, Diversified Services, and other divisions in that market as well,” said Steve Burbrink, Director of Business Development at CGB.

Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...

Comments (0) Leave a comment 

e-Mail (required)


characters left

Grain Storage Systems

Behlen Grain Storage Systems offers large capacity bins with diameters from 16’ to 157’ and capacities exceeding 1,500,000 bushels. All ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form