Hormel Foods Distributes Record Annual Profit Sharing
AUSTIN, Minn. | November 25, 2009
Hormel Foods Corporation (NYSE: HRL) today announced the largest annual profit sharing in company history to be distributed to employees. More than $15.9 million is being dispersed to eligible hourly and salaried employees during the Thanksgiving Eve Day tradition.
The multinational marketer of consumer-branded food and meat products continues to stand out in the industry for retaining its profit sharing plan. This program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors.
“Recognizing our employees for their contribution to the company’s success is an important aspect of our heritage,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods. “It is exciting to honor our team members for delivering great-tasting products to our consumers through this 71-year-old program.”
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. The company is a member of the Standard & Poor's 500 Index, and in each of the past 10 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. For more information, visit http://www.hormelfoods.com
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