Hormel Foods Annual Profit Sharing Continues
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 84th consecutive grant.
84th 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 84th 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/.
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SOURCE Hormel Foods Corporation
