Poinsett Rice & Grain Inc. has bought Ritter Grain Services, an arm of Ritter Agribusiness based in Marked Tree. Financial details were not disclosed. Talk Business & Politics attempted to contact Ritter Agribusiness President Kevin Wright, but he was unavailable.
“We are pleased to have the opportunity to continue to grow our business as we serve Northeast Arkansas farmers and Arkansas agriculture as a whole,” Poinsett Rice and Grain Vice-President Ryan Carwell said. “The acquisition of the Marked Tree facility gives our customers another marketing option that will prove beneficial to their businesses. It’s a win-win situation for all involved.”
Poinsett Rice and Grain operates six storage facilities, a river port, and a brown rice mill. It ships different kinds of rice, corn, soybeans, and wheat. The company was founded in 1988 in Waldenburg, and at that time only had one storage facility.
Ritter Agribusiness had been operating a grain facility in Otwell since 2013. The lease on the facility will expire in March, and it won’t be renewed, according to officials. The owner of the facility will take possession of it, now that Ritter has sold the business.
Established in 1886, Ritter Agribusiness 32,000 farm acres in the Mississippi River Delta region. It also manages another 16,000 farm acres. The company is also partners in a cotton gin and warehouse operation. The company offers farm management to landowners, and cotton ginning and warehouse space to farmers.