Hormel Foods Announces Universal Stock Option Award
Jan 9, 2007
AUSTIN, Minn. –Hormel Foods Corporation (NYSE:HRL), an Austin,
Minn.-based multinational marketer of consumer-branded meat and food
products, today announced a one-time award of 100 stock options to all
full-time, active Hormel Foods employees based in the United States.
The stock option award is the “right” to buy shares of Hormel Foods
stock at the closing price on Jan. 8, 2007, within a certain time
period. There is no obligation to exercise the option. This award will
impact over 18,000 full-time, active employees in both the parent
company and all subsidiaries on the payroll as of Jan. 8, 2007.
“With the successful integration of a number of companies, our Hormel
Foods family has grown,” said Jeff Ettinger, chairman of the board,
president and chief executive officer, Hormel Foods. “This stock option
award recognizes the changing face of our business and unifies everyone
working toward the same goal. It also aligns the interests of our
employees more closely with those of our shareholders, as both will
benefit from future appreciation in the value of Hormel Foods stock.”
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational
manufacturer and marketer of consumer-branded food and meat products,
many of which are among the best known and trusted in the food
industry. The company leverages its extensive expertise, innovation and
high competencies in pork and turkey processing and marketing to bring
quality, value-added brands to the global marketplace. For each of the
past eight years, Hormel Foods has been named one of “The Best Big
Companies in America” by Forbes magazine. The company enjoys a strong
reputation among consumers, retail grocers, foodservice and industrial
customers for products highly regarded for quality, taste, nutrition,
convenience and value. For more information, visit www.hormel.com.