Hormel Foods Annual Profit Sharing Continues

Rhea-AI Summary

Hormel Foods Corporation (NYSE: HRL) announced its 84th consecutive annual profit sharing for eligible team members on November 23, 2022. The profit-sharing grant varies yearly based on company performance, with recent distributions ranging from $14 million to $17 million.

CEO Jim Snee emphasized the company's commitment to rewarding employees who contribute to its global success. Established in 1938, this tradition has become a Thanksgiving eve event, reflecting the company's dedication to its workforce and community.

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• Annual profit sharing for eligible team members amounts to between $14 million and $17 million, promoting employee satisfaction and retention.
• The tradition of profit sharing has been maintained for 84 consecutive years, showcasing stability and employee commitment.

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• None.

84^th Consecutive Year of Program for Team Members

AUSTIN, Minn., Nov. 23, 2022 /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 84^th consecutive grant.

"We are so incredibly proud to continue the tradition of sharing our profits with our team members who help make us the uncommon company we are today," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "For 84 years, we have maintained our legacy of giving back to our team members and our communities, and making a difference in the places we work and the lives of those who work for us. Our time-honored tradition reflects the dedication and hard work of our team every day to put food on tables across the globe."

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 Hormel Foods 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 $11 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^®, Jennie-O^® 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 the "100 Best Corporate Citizens" list by 3BL Media 13 times, 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 Hormel Foods' stock symbol?

Hormel Foods is traded under the stock symbol HRL.

When did Hormel Foods announce its annual profit sharing for 2022?

Hormel Foods announced its annual profit sharing on November 23, 2022.

How much did Hormel Foods distribute in its profit sharing program?

Hormel Foods distributed between $14 million and $17 million in its annual profit sharing program.

How long has Hormel Foods been conducting annual profit sharing?

Hormel Foods has been conducting annual profit sharing for 84 consecutive years.