Hormel Foods Increases Annual Dividend
Nov 20, 2007
AUSTIN, Minn. – The Board of Directors of Hormel Foods Corporation
(NYSE:HRL), an Austin, Minn.-based multinational marketer of
consumer-branded meat and food products, today announced its 42nd
consecutive annual dividend increase.
The annual dividend rate on the common stock of the corporation was
raised to $.74 per share from $.60 per share, representing a 23 percent
increase.
A quarterly dividend on the common stock was authorized by the Board of
Directors at the newly established rate of 18.5 cents a share. The
quarterly dividend will be paid Feb. 15, 2008, to stockholders of
record as of Jan. 19, 2008.
“Today’s announcement is the largest increase in our company’s
history,” said Jeffrey M. Ettinger, chairman of the board, president
and chief executive officer, Hormel Foods. “This more significant
increase is based on our confidence to deliver improved cash flow in
the future. Our consistent earnings history is similar to a packaged
food company. Over time, we intend to move our dividend yield closer to
a packaged food company’s yield.”
The Feb. 15 payment will be the 318th consecutive quarterly dividend
paid by the company. Since becoming a public company in 1928, Hormel
Foods Corporation has paid a regular quarterly dividend without
interruption.
About Hormel Foods Corporation
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 was 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.hormelfoods.com.
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