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Members took a step back before jumping at a 'good deal.'
When 64% of Cenex Harvest States members voted recently to merge their cooperative with Farmland Industries, many observers wondered why the required two-thirds vote fell short.
As an observer with roots in Northern Plains farming and old ties to Farmers Union and Cenex, I was, conversely, surprised Cenex leaders found 64%.
That's not to condemn the merits of the merger itself. It may be a worthy, forward-looking business move and is apparently to Farmland's advantage. Most Cenex members generally agree with their cooperative's efforts to grow and its recent history reflects that.
I mean, like, Holy Harvest States!
Cenex has ridden a roller coaster of expansion and alliance building. Annual sales fell in 1999 but, at $6.3 billion, are still up 360% in 10 years.
That's mostly because the co-op expanded and diversified its base.
Since the late 1980s, Cenex has formed joint ventures with the likes of Land O'Lakes, United...