Ritter Agribusiness of Marked Tree is exiting the grain services business, having sold its grain operations in Marked Tree to Poinsett Rice & Grain Inc.
The sale, which was completed Friday, was announced Tuesday by Kevin Wright, president of Ritter Agribusiness, and Ryan Carwell, vice president of Poinsett Rice & Grain.
Poinsett Rice & Grain, founded in the Poinsett County town of Waldenburg in 1988, acquired 20 employees along with the facility at Marked Tree. Wright said business will continue as before: buying rice, soybeans, wheat and corn from farmers; drying the rice; storing the grains; and selling the grains for the export market.
Four more Ritter’s Grain Services employees will continue working at a leased facility in Otwell (Craighead County) until the end of March, when the lease will expire. Wright said the company would help those employees find new jobs.
Ritter Agribusiness will remain headquartered in Marked Tree and will continue its other businesses: managing 32,000 acres of company-owned farmland in the Delta and managing 16,000 acres of farmland for other owners. Ritter Agribusiness is also a partner in a cotton gin and warehouse operation.
“Delta farming is part of who we are and it is deeply embedded in our company history,” Wright said in a news release. “We remain committed to the agriculture industry and to the Marked Tree community. We’re excited about the opportunities that lie ahead.”
With the Marked Tree addition, Poinsett Rice & Grain owns and operates six storage facilities as well as a river port and a brown rice mill.
“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,” 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.”
Ritter Agribusiness is a subsidiary of E. Ritter & Co. of Marked Tree, which ranked 49th on Arkansas Business’ most recent list of the state’s largest private companies with 2015 revenue of $189.9 million.
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