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John Peterson’s son, Terry P. Peterson (St. Olaf Class of 1933), had assumed the presidency by 1945 and managed the firm until it was discontinued in 1960. In 1955, the firm celebrated its 50th anniversary with a series of open houses. On display at the open houses was the Golden Anniversary line of solid oak furniture, which included desks, tables and bedroom furniture designed by Edmund J. Spence of Boca Raton, Florida.
In 1955, the company occupied 65,000 square feet of floor space, including two brick buildings and a concrete annex built in 1954 to connect them, all on 4th Street, near First Avenue, N.E. The company had its own dry kiln and bought most of its lumber, mainly oak and maple, locally. Visiting dealers could see the latest works at a factory show room. The firm had 63 employees. Fourteen salesmen covered the country and included John’s son Jack Peterson.
A Faribault Daily News story about the February, 1955, anniversary said that one of the reasons for the company’s success was the “exceptional loyalty and friendliness of the employees. It is estimated that more than 500 Faribault people have worked for the Peterson firm at one time or other.” The article concluded with a statement of tribute from friends: “…the firm has never wavered from the high standard business principles and exacting manufacturing regulations originally set up by the founder of the firm and so ably carried out by the present company officials.” The founder, John Peterson, died in July of that golden anniversary year, at the age of 84.
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