Hormel Foods Sets New Record for Annual Profit Sharing
AUSTIN, MINN. | November 24, 2010
More than $16.3 million distributed in the 72nd consecutive year of the program
Hormel Foods Corporation (NYSE: HRL) today established a new record in company history by distributing its largest annual profit sharing of more than $16.3 million to eligible hourly and salaried employees during this 72nd annual Thanksgiving Eve Day tradition.
The multinational marketer of consumer-branded food and meat products continues to be among an elite group in the industry for retaining its profit sharing plan. The program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors.
“We have a longstanding heritage of recognizing employees for their contribution to the company’s success,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods. “Our team members are to be commended for their efforts to deliver great-tasting products to our consumers, which resulted in ending the year with an all-time record for net sales greater than $7 billion.”
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 branded, value-added products to the global marketplace. The company is a member of the Standard & Poor's 500 Index, Dow Jones Sustainability Indexes, Maplecroft Climate Innovation Indexes, Global 1000 Sustainable Performance Leaders and was named one of "The 100 Most Trustworthy Companies" by Forbes in 2010. 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