AUSTIN, Minn., Nov. 21, 2017 /PRNewswire/ -- Hormel Foods
Corporation (NYSE: HRL) today announced that its Specialty Foods
segment has been merged into its Grocery Products segment and will
continue to be led by Luis Marconi,
group vice president, Grocery Products. The primary focus of the
segment is on delivering a strong branded portfolio of leading
products to the evolving retail environment of food, drug, mass,
club and E-commerce.
"I am confident that the consolidation of these two segments
will deliver revenue and cost synergies in all aspects of the
business while continuing to deliver industry-leading growth," said
Jim Snee, chairman of the board,
president and chief executive officer at Hormel Foods. "The Grocery
Products segment will be a model for strategic management of iconic
brands such as the SPAM® family of products and SKIPPY® peanut
butter products, while also nurturing the continued growth of
franchises like Wholly Guacamole® dips, Muscle Milk® protein
products and Justin's® nut butters," Snee said.
The Grocery Products segment has delivered consistent,
profitable growth with a focus on category-defining legacy brands,
nut butters and multi-cultural food innovation. Specialty Foods
portfolio consists of health and nutrition products including
Muscle Milk® protein products.
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 revenues across more than 80 countries worldwide. Its brands
include Skippy®, SPAM®, Hormel® Natural Choice®, Applegate®,
Justin's®, Wholly Guacamole®, Hormel® Black Label® 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 one of
"The 100 Best Corporate Citizens" by Corporate Responsibility
Magazine for the ninth year in a row, and has received numerous
other awards and accolades for its corporate responsibility and
community service efforts. In 2016, the company celebrated its
125th anniversary and announced its new vision for the future -
Inspired People. Inspired Food.™ - focusing on its legacy of
innovation. For more information, visit www.hormelfoods.com and
http://csr.hormelfoods.com/.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information based on
management's current views and assumptions. Actual events may
differ materially. Please refer to the cautionary statement
regarding Forward-Looking Statements and Risk Factors which appear
on pages 32 - 39 in the company's Form 10-Q for the quarter ended
July 30, 2017, which can be accessed
at www.hormelfoods.com under "Investors-SEC Filings."
Media Contact:
media@hormel.com
|
Investor Contact:
ir@hormel.com
|
507-437-5345
|
507-437-5248
|
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SOURCE Hormel Foods Corporation