To help drive strategic innovation, Jeffrey M. Ettinger, chief executive officer of Hormel, in 2000 launched the Billion Dollar Challenge, which was for Hormel Foods to generate $1 billion in sales from new products launched between fiscal year 2000 and fiscal year 2009. By the end of fiscal year 2007, Hormel Foods had more than $1 billion generated from new product sales, prompting the company to set a goal to achieve $2 billion in sales by 2012. With that goal also achieved, the company now has its sights set on $3 billion in new product sales by 2016.
“We continue to innovate and adapt our offerings to meet the constantly evolving needs of consumers,” Mr. Ettinger wrote in the June 7 report. “Delivering foods that fit today’s busy lifestyles, products focused on nutritious and holistic attributes, and items with new and adventurous flavors from many cultures around the globe will drive our future growth.”