Hormel’s protein powerhouse: growth shaped through deals and new ideas

At the same time, Hormel is crossing a new meat frontier — organic and natural — with its recent $775 million purchase of Applegate Farms. While Spam Snacks is a small bet and Applegate Farms a big one, they represent Hormel’s unique position in packaged food, which has kept it mostly free of the industry’s malaise. Protein is in high demand from consumers, and the Austin, Minn.-based company specializes in it, from pork and turkey to peanut butter.