Hormel Foods Distributes 70th Annual Profit Sharing
AUSTIN, Minn. | November 26, 2008
More than $14.8 million distributed to employees for outstanding performance
Hormel Foods Corporation (NYSE: HRL) today announced its 70th annual profit sharing distribution to employees. More than $14.8 million is being distributed to eligible hourly and salaried employees during the Thanksgiving Eve Day tradition.
The multinational marketer of consumer-branded food and meat products continues to be unusual within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company’s Board of Directors, said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer, Hormel Foods.
“We are excited to set another milestone in the company’s history by continuing what has become a long-standing tradition,” Ettinger said. “This program recognizes the dedication from each employee to deliver wholesome, nutritious and great-tasting products to our consumers. It is an honor to continue this practice started by Jay C. Hormel in 1938.”
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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