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Paynesville Press - Oct. 29, 2003

Co-op celebrates 50 years

By Michael Jacobson

Paynesville Farmers Union Co-op Oil Company, commonly referred to as Cenex, recently celebrated its 50th year as a locally-owned co-op during national co-op month in October.

During its past fiscal year, Paynesville Farmers Union had total net savings of $200,254 and paid out 30 percent, required by our by-laws, or $60,076 in cash dividends to its patron owners, according to general manager Paul Evans. It also retired another $58,510 of owner equity in cash.

Over the past ten years, Paynesville Farmers Union has paid out, in cash, $1,620,947 back to its patron owners and almost $3 million since its inception, added Evans.

Paynesville Farmers Union employs over 30 people at a convenience store, fertilizer plant, bulk fuel department, and propane department and pays out over a half million dollars in wages.

"I am very proud to be associated with a locally-owned cooperative, especially during October, national co-op month," said Evans.

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