Hormel Foods Stockholders Approve Two-For-One Stock Split
AUSTIN, Minn. | February 01, 2011
Hormel Foods Corporation (NYSE: HRL) today announced stockholder approval of a two-for-one stock split at the company’s Annual Meeting of Stockholders on Monday, Jan. 31, 2011. The stock split, first approved by the company’s Board of Directors on Nov. 22, 2010, is implemented by splitting the par value of the company’s common stock from $.0586 to $.0293 per share and increasing the number of authorized shares from 400 million to 800 million.
Stockholders of record at the close of business on Jan. 31, 2011, will receive one additional share of common stock for each share owned on that date. Under the rules of the New York Stock Exchange (NYSE), where the company’s common stock is traded between Jan. 31 and the distribution of the new shares planned by Feb. 14, 2011, the selling stockholder is responsible for delivering the new shares received to the buyer.
The annual dividend rate, when adjusted for the two-for-one split, will be $.51 per share.
ABOUT HORMEL FOODS CORPORATION
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
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