Hormel Foods Annual Tradition of Sharing Profits With Its Team Members Continues
Hormel Foods Corporation (NYSE: HRL), a global branded food company, today distributed its annual profit sharing to eligible hourly and salaried employees during this 81st consecutive grant. This year, the average distribution per employee was a record amount. The grant amount varies each year depending on the company’s performance and number of eligible employees, and in the last ten years has ranged from $14 million to $17 million annually. The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors and has become an annual Thanksgiving Eve tradition.
“Our profit sharing program remains unique in our industry, and we are proud to be able to share our continued success with our inspired team members who work tirelessly to deliver outstanding branded food products to millions of consumers each year,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. “It is this dedicated team that helps ensure we remain one of the most trusted and successful global branded food companies. We wouldn’t be the uncommon company we are today without all of them.”