Hormel Foods Annual Profit Sharing Continues

Rhea-AI Summary

Hormel Foods Corporation (NYSE: HRL) announced its annual profit sharing for eligible team members, marking the 83rd consecutive grant. The amount varies yearly based on company performance, with past distributions ranging from $14 million to $17 million. This tradition, initiated in 1938, recognizes the hard work of employees, especially during the pandemic. Hormel Foods, with over $10 billion in annual revenue and a wide portfolio of brands, emphasizes its commitment to rewarding its team and giving back to communities.

Positive

• Annual profit sharing distributed to eligible employees, enhancing employee morale and retention.
• The profit sharing program has a longstanding history, indicating stable company culture and employee loyalty.

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• None.

AUSTIN, Minn., Nov. 24, 2021 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a global branded food company, today distributed its annual profit sharing to eligible hourly and salaried team members during this 83^rd consecutive grant.

"There are many things that make Hormel Foods uncommon, including our portfolio of global food brands and the incredible people who make them," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "Equally uncommon is our legacy of giving back to our team members and our communities, including our annual tradition of sharing profits with our inspired team. This time-honored tradition – an 83-year-old practice – rewards the dedication and hard work of our team every day to put food on tables across the globe, which has been especially challenging during the pandemic. They have my sincere gratitude, and I am honored to be on their team."

The grant amount varies each year depending on the company's performance and number of eligible employees; in the last 10 years, it 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. Distributions from the plan have become an annual Thanksgiving Eve tradition at the company.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $10 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters^®, SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin's^®, WHOLLY^®, Hormel^® Black Label^®, Columbus^® 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 on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for 12 years, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.

Contact: Media Relations
507-434-6352
media@hormel.com

 

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SOURCE Hormel Foods Corporation

FAQ

What is the value of Hormel Foods' annual profit sharing in 2021?

The annual profit sharing distributed by Hormel Foods in 2021 ranged from $14 million to $17 million.

How long has Hormel Foods been conducting profit sharing?

Hormel Foods has conducted profit sharing for 83 consecutive years since 1938.

What is the significance of the profit sharing program for Hormel Foods employees?

The profit sharing program rewards the dedication and hard work of employees, particularly during challenging times like the pandemic.

Which stock symbol represents Hormel Foods?

Hormel Foods is represented by the stock symbol HRL.

Where is Hormel Foods Corporation headquartered?

Hormel Foods Corporation is headquartered in Austin, Minnesota.