Hormel distributes annual profit-sharing funds
Nov. 23, 2011
by Meat&Poultry Staff
AUSTIN, Minn. — On Nov. 23, Hormel Foods Corporation distributed more than $16.5 million in annual profit sharing to eligible employees as part of a corporate, annual Thanksgiving Eve Day tradition. The distribution topped the 2010 record-high amount of $16.3 million. Hormel’s profit sharing program was started by Jay Hormel in 1938 and is voluntarily paid at the discretion of the company’s board of directors.
“We are honored to again recognize our employees for their contributions to a record year in net sales and earnings,” said Jeffrey Ettinger, chairman of the board, president and chief executive officer at Hormel Foods.