Hormel Foods Annual Tradition of Sharing Profits With Its Team Members Continues

Rhea-AI Summary

Hormel Foods Corporation (NYSE: HRL) announced its annual profit-sharing distribution to eligible team members, marking the 82nd consecutive year of this tradition. CEO Jim Snee highlighted the importance of sharing profits, especially in this unprecedented year due to the pandemic. The profit-sharing program was initiated in 1938 and is granted at the Board of Directors' discretion. Hormel Foods, based in Austin, Minnesota, generates over $9 billion in annual revenue and operates globally with a portfolio of well-known brands, reinforcing its commitment to corporate responsibility and community service.

Positive

• Continued tradition of profit sharing for 82 years strengthens employee morale and loyalty.
• Over $9 billion in annual revenue demonstrates robust financial performance.
• Recognition as a top employer reflects strong corporate reputation and culture.

Negative

• None.

AUSTIN, Minn., Nov. 25, 2020 /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 82^nd consecutive grant.

"We have been able to share our profits with our inspired people for more than 80 years, and this year, more than ever, we are honored to be able to share our continued success with our uncommon and unmatched team," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "This has been an unprecedented year and I'm incredibly proud of how our team continues to focus on Safety First while working to ensure food is readily available during this pandemic."

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.

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 revenue across more than 80 countries worldwide. Its brands include 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 straight years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for the 12th year in a row, 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.  

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

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/hormel-foods-annual-tradition-of-sharing-profits-with-its-team-members-continues-301180208.html

SOURCE Hormel Foods Corporation

FAQ

What recent event did Hormel Foods announce regarding profit-sharing?

Hormel Foods announced its annual profit-sharing distribution to eligible team members on November 25, 2020.

How many years has Hormel Foods conducted profit-sharing?

Hormel Foods has conducted profit-sharing for 82 consecutive years.

Who is the CEO of Hormel Foods?

The CEO of Hormel Foods is Jim Snee.

What is Hormel Foods' annual revenue?

Hormel Foods generates over $9 billion in annual revenue.

When was Hormel Foods' profit-sharing program initiated?

The profit-sharing program was initiated in 1938 by Jay C. Hormel.