from Hormelfoods.com
HORMEL FOODS DISTRIBUTES LARGEST PROFIT SHARING EVER
Nov 21, 2007
More than $15.5 million distributed in the 69th consecutive year of the program
AUSTIN, Minn.—Hormel Foods Corporation (NYSE: HRL) today announced the largest profit sharing distribution ever made to its employees. More than $15.8 million is being distributed to eligible hourly and salaried employees, a Thanksgiving Eve Day tradition that started 69 years ago in 1938.
The multinational marketer of consumer-branded meat and food products continues to be unique within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company’s board of directors, noted Jeffrey M. Ettinger, chairman of the board, president and chief executive officer of Hormel Foods.
“We have a great history of recognizing the contributions our employees make to our company,” Ettinger said. “We are pleased to be able to continue the profit sharing tradition started in 1938 by Jay C. Hormel.”
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