Hormel Foods Annual Tradition of Sharing Profits With Its Team Members Continues
81st Consecutive Year of Program
Source: Hormel Foods Corporation
via PRNewswire - Nov 27, 2019
AUSTIN, Minn., Nov. 27, 2019 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a global branded food company, today distributed its annual profit sharing to eligible hourly and salaried employees during this 81st consecutive grant. This year, the average distribution per employee was a record amount. The grant amount varies each year depending on the company's performance and number of eligible employees, and in the last ten years has ranged from $14 million to $17 million annually. The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company's Board of Directors and has become an annual Thanksgiving Eve tradition.
"Our profit sharing program remains unique in our industry, and we are proud to be able to share our continued success with our inspired team members who work tirelessly to deliver outstanding branded food products to millions of consumers each year," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "It is this dedicated team that helps ensure we remain one of the most trusted and successful global branded food companies. We wouldn't be the uncommon company we are today without all of them."
ABOUT HORMEL FOODS – INSPIRED PEOPLE. INSPIRED FOOD.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenues across 75 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin's®, Columbus®, Wholly® Guacamole, Hormel® Black Label® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the 11th year in a row and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125th anniversary and announced its new vision for the future – Inspired People. Inspired Food.™ – focusing on its legacy of innovation. For more information, visit www.hormelfoods.com and https://csr.hormelfoods.com/.
Contact: Media Relations
SOURCE Hormel Foods Corporation