Through Voluntary Profit Sharing Program... Hormel Foods Employees Receive More Than $8.5 Million
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
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