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

Nov 25, 1998, 00:00 ET from Hormel Foods

    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