HORMEL FOODS LAUNCHES THE ORIGINATE INITIATIVE

Rhea-AI Summary

Hormel Foods Corporation (NYSE: HRL) launched The Originate Initiative on April 21, 2023, aligning with United Nations World Creativity and Innovation Day. This initiative aims to enhance companywide innovation by showcasing insights-driven processes and collaborations with partners. Scott Aakre, Senior VP of Brand Fuel, emphasized the importance of innovative thinking within the company’s culture, which contributed to the introduction of approximately 600 new products in 2022. The initiative also highlights the role of Brand Fuel, Hormel’s center of excellence, in guiding decisions through market analysis. Hormel Foods’ history of over 130 years of success is driven by its commitment to innovation, as echoed by Aakre’s quote, 'Originate. Don't imitate.'

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• Launch of The Originate Initiative to drive innovation.
• Introduction of approximately 600 new products in 2022.
• Focus on insights-led market analysis through Brand Fuel.

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Global-branded food company introduces ground-breaking efforts to foster and showcase companywide innovation

AUSTIN, Minn., April 21, 2023 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, today announced the launch of The Originate Initiative, a companywide effort to showcase the insights-led innovation happening across the company's products and processes and the inspired people bringing them to life. Through multiplatform storytelling, thought leadership and collaborations with partners and customers, The Originate Initiative will advance and highlight the leadership of Hormel Foods in the ever-evolving food industry. The initiative's April 21 launch date coincides with the United Nations World Creativity and Innovation Day.

The Originate Initiative will showcase the company's approach to enterprisewide innovation, as well as information from the company's newest center of excellence, Brand Fuel, which works to ensure that company decisions and investments are guided by insightful market analysis and a deep understanding of where and how consumers shop and eat.

"The Originate Initiative is about all of us thinking differently about the work we do," said Scott Aakre, senior vice president, Brand Fuel. "The goal is to make sure that we're talking about innovation across the enterprise and that we're sharing the story of our success internally as well as to some of our external partners. It's not only about innovation and new products. It's about innovation in process, innovation in the way we think."

The company's culture of innovation fosters the development of new products, enhances team-member wellbeing and creates a more sustainable future for both the company and the planet. In 2022, Hormel Foods introduced approximately 600 new retail and foodservice products.

Hormel Foods continuously relies on the collaboration of its change makers, a variety of industry experts that includes R&D scientists, product engineers, operations, consumer insights and analytics, a senior cultural anthropologist and digital experience teams. Together, they bring the company's unique method of mission-driven innovation to life, enabling it to keep pace with market trends while pioneering the industry-leading products of tomorrow.

The Originate Initiative is a call to action for all team members and partners of Hormel Foods around the world to continually push this unique company forward.

"We've had over 130 years of success at Hormel Foods, and all of that starts with the vision of George Hormel. He always said, 'Originate. Don't imitate,'" Aakre added. "Innovation is part of our DNA, and it will continue to play an important part in our future. It's one of the reasons we have had so much success for so many years."

To learn more about these and other insights-led innovation taking place at Hormel Foods, visit: www.hormelfoods.com/innovation.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 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
	Hormel Foods 507-434-6352 media@hormel.com

 

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SOURCE Hormel Foods Corporation

FAQ

What is The Originate Initiative by Hormel Foods?

The Originate Initiative is a companywide effort launched by Hormel Foods on April 21, 2023, to showcase insights-led innovation and enhance collaboration across its products and processes.

When was The Originate Initiative launched?

The Originate Initiative was launched on April 21, 2023.

How many new products did Hormel Foods introduce in 2022?

Hormel Foods introduced approximately 600 new retail and foodservice products in 2022.

Who is Scott Aakre?

Scott Aakre is the Senior Vice President of Brand Fuel at Hormel Foods, overseeing the company’s innovation strategies.