Hormel Foods Distributes Largest Profit Sharing Ever; $15 Million Distributed in the 67th Consecutive Year of the Program
AUSTIN, Minn., Nov 23, 2005 (BUSINESS WIRE) -- Hormel Foods Corporation (NYSE:HRL) today announced the largest profit sharing distribution ever made to its employees. More than $15 million was distributed to eligible hourly and salaried employees companywide on Thanksgiving Eve Day, a tradition that started 67 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 Joel W. Johnson, chairman of the board and chief executive officer. "Our workforce is the foundation upon which the success of Hormel Foods has been built," said Johnson. "It is a privilege to continue this 67-year tradition, which speaks to our partnership with those employees and underscores our recognition of the essential role they play in shaping our future."
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 five years, Hormel Foods was named one of "The 400 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.
SOURCE: Hormel Foods Corporation
Hormel Foods Corporation, Austin
Julie Craven, 507-437-5355
Chef2Chef News Desk