Hormel Foods Increases Annual Dividend
AUSTIN, Minn. | November 25, 2008
The Board of Directors of Hormel Foods Corporation (NYSE:HRL), a multinational marketer of consumer-branded food and meat products, today announced its 43rd consecutive annual dividend increase.
The annual dividend on the common stock of the corporation was raised to $.76 per share from $.74 per share.
“The two-cent increase follows strong sales for many of the company’s new products and the strength of many traditional product lines in 2008,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer, Hormel Foods. “Our focus on innovation continues the drive toward achieving $2 billion in total sales of products created since 2000.”
A quarterly dividend on the common stock was also authorized by the Board of Directors at 19 cents (19¢) a share. The quarterly dividend will be paid Feb. 15, 2009.
The Feb. 15 payment will be the 322nd consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring quality, value-added brands to the global marketplace. In each of the past nine years, Hormel Foods was named one of “The 400 Best Big Companies in America” by Forbes magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value.
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