Hormel Foods Distributes Largest Profit Sharing Ever
Nov 21, 2007
More than $15.5 million distributed in the 69th consecutive year of the program
AUSTIN, Minn. —Hormel Foods Corporation (NYSE: HRL) today announced the largest profit sharing distribution ever made to its employees. More than $15.8 million is being distributed to eligible hourly and salaried employees, a Thanksgiving Eve Day tradition that started 69 years ago in 1938.
The multinational marketer of consumer-branded meat and food products continues to be unique within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company’s board of directors, noted Jeffrey M. Ettinger, chairman of the board, president and chief executive officer of Hormel Foods.
“We have a great history of recognizing the contributions our employees make to our company,” Ettinger said. “We are pleased to be able to continue the profit sharing tradition started in 1938 by Jay C. Hormel.”
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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