AUSTIN, Minn., Nov. 25 /PRNewswire/ -- Hormel Foods Corporation
(NYSE: HRL), Austin, Minn.-based meat and food processing firm, today
announced the largest profit sharing distribution ever made to its employees
in a program unique to the industry.
More than $8.5 million was distributed companywide to eligible employees
on Thanksgiving Eve Day, a tradition that was started 60 years ago, in 1938.
Under this year's profit sharing distribution, each eligible employee, on the
average, will receive $1,579. This amounts to 2.41 extra base weekly paychecks
for each eligible employee, representing an estimated extra $.74 per hour for
each hour of work, vacations and holidays during the year.
Joel W. Johnson, chairman of the board, president and chief executive
officer, noted that Hormel Foods continues to be an exception within the
industry with a profit sharing plan that is strictly voluntary in nature and
paid at the discretion of the company's Board of Directors. "On the occasion
of this year's recordsetting performance, it is with special pleasure we are
able to make this profit sharing distribution. We are thankful for our
excellent workforce and the many contributions they made, individually and as
a team, to ensure the year just passed would be our most successful ever."
SOURCE Hormel Foods