Patrons of Connell Grain Growers share in CHS cash
The Royal Register News
CONNELL - More than 620 eligible patrons of Connell Grain Growers will share in the distribution of $1.6 million in cash patronage and equity during 2013 based on business they've conducted with the company.
"We're extremely proud that we can provide this tremendous return to our customers and owners," said Scott Althoff, general manager. "One of the most important ways we help producers grow is by delivering an economic return on the business they do with Connell Grain Growers.
Connell Grain Growers is a locally controlled retail division of CHS Inc., the nation's leading producer-owned cooperative.
During 2013, Connell Grain Growers will allocate a total of $4.3 million in patronage dividends to its eligible customers based on business done Sept. 1, 2011to Aug. 31, 2012, of which $1.6 million is being paid out in cash.
Overall, CHS expects to return up to a record $600 million during its 2013 fiscal year in cash patronage, equity redemptions and dividends paid on preferred stock to nearly 1,200 eligible cooperatives and nearly 50,000 individual members and others in 50 states.
CHS net income for its fiscal year ending Aug. 31, 2012, was $1.26 billion. Patronage is based on business done with CHS during fiscal 2012, while equity redemptions represent retirement of ownership in CHS earned in past years.
Since it was established in 1998, CHS has returned more than $3.1 billion in cash to its owners.
If they have not already done so, individuals who have reached age 70 and representatives of the estates of deceased members are encouraged to contact Althoff and request redemption of their equity.
CHS makes equity redemptions to eligible individual direct members throughout the year, based on attaining age 70 or estate retirements, but potentially eligible individuals must initiate contact.
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