AUSTIN, Minn., Jan. 26 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), multinational marketer of consumer-branded meat and food products, today announced stockholder approval of splitting the par value of the company's common stock, from $.1172 to $.0586 per share, and increasing in the number of authorized shares from 200 million to 400 million. This action, authorized at the company's Annual Meeting of Stockholders on Tuesday, January 25, executes a two-for-one stock split first approved by the company's Board of Directors on November 22, 1999. Stockholders of record at the close of business on January 25, 2000, will receive one additional share of common stock for each share owned on that date. Under the rules of the New York Stock Exchange (NYSE), where the company's common stock is traded, in the event shares are sold between January 25 and the planned February 15, 2000, distribution date for new shares, the selling stockholder is responsible for delivering the new shares received to the buyer. V. Allan Krejci, vice president of public relations, emphasized stockholders of record on January 25 should retain the shares they presently hold and can expect to receive an equal number of additional shares generated by the stock split by mail shortly after February 15. Krejci noted that the annual dividend rate, when adjusted for the two-for-one split, will be $.35 per share.
SOURCE Hormel Foods