Hormel Foods Sets New Record for Annual Profit Sharing
November 24, 2010
Hormel Foods Corporation (NYSE: HRL) today established a new record in company history by distributing its largest annual profit sharing of more than $16.3 million to eligible hourly and salaried employees during this 72nd annual Thanksgiving Eve Day tradition.
The multinational marketer of consumer-branded food and meat products continues to be among an elite group in the industry for retaining its profit sharing plan. The program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company’s Board of Directors.
“We have a longstanding heritage of recognizing employees for their contribution to the company’s success,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods. “Our team members are to be commended for their efforts to deliver great-tasting products to our consumers, which resulted in ending the year with an all-time record for net sales greater than $7 billion.”