Hormel Foods Announces the Strategic Merger of its Grocery Products and Specialty Foods Segments
Hormel Foods Corporation (NYSE: HRL) today announced that its Specialty Foods segment has been merged into its Grocery Products segment and will continue to be led by Luis Marconi, group vice president, Grocery Products. The primary focus of the segment is on delivering a strong branded portfolio of leading products to the evolving retail environment of food, drug, mass, club and E-commerce.
“I am confident that the consolidation of these two segments will deliver revenue and cost synergies in all aspects of the business while continuing to deliver industry-leading growth,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “The Grocery Products segment will be a model for strategic management of iconic brands such as the SPAM® family of products and SKIPPY® peanut butter products, while also nurturing the continued growth of franchises like Wholly Guacamole® dips, Muscle Milk® protein products and Justin’s® nut butters,” Snee said.
The Grocery Products segment has delivered consistent, profitable growth with a focus on category-defining legacy brands, nut butters and multi-cultural food innovation. Specialty Foods portfolio consists of health and nutrition products including Muscle Milk® protein products.