Hormel Foods Corporation Authorizes Share Repurchase Program

Sep 29, 1998, 01:00 ET from Hormel Foods

    AUSTIN, Minn., Sept. 29 /PRNewswire/ -- Hormel Foods Corporation
 (NYSE:   HRL) announced today that its Board of Directors has authorized a
 repurchase of up to five million shares of its common stock.  A purchase of
 the full amount would equal 6.8 percent of the 73,614,546 shares issued.
     The repurchase of Hormel Foods Corporation common stock will be
 accomplished through periodic purchases at prevailing prices on the open
 market, by block purchases or in privately negotiated transactions.  The
 repurchased shares may be retained as treasury stock for use for corporate
 purposes, or may be retired.  The company intends to use surplus cash to fund
 the repurchase program.  This new repurchase program comes on the heels of the
 completion of Hormel Foods Corporation's initial five million share repurchase
 program which was authorized on March 25, 1996, and completed on July 23,
     Joel W. Johnson, chairman of the board, president and chief executive
 officer said, "We believe a share repurchase program is in the best interests
 of our shareholders.  Given our company's continuing strong cash position and
 strong balance sheet, the Board determined that investing some of the cash in
 our own stock continues to be the best way to deliver increased value to our
     Hormel Foods Corporation, headquartered in Austin, Minn., is a
 multinational manufacturer, marketer and distributor of many of the industry's
 best-known, consumer-branded meat and food products.

SOURCE Hormel Foods