Hormel reaps $2B in new product sales
AUSTIN, Minn. – Hormel Foods Corp. reached $2 billion in total sales from new products created since 2000, the company announced Nov. 26.
The company’s “Go for $2B by 2012” builds upon Hormel’s earlier Billion Dollar Challenge, which involved generating $1 billion in sales from new products beginning fiscal year 2000 and ending in fiscal year 2009. Hormel met the Billion Dollar Challenge two years early — by the end of fiscal 2007 — with $6.19 billion in reported total sales with more than $1 billion coming from new product sales, according to the company.
New product releases across the company's business divisions contributed to the goal. Hormel said the most successful new products include Hormel party trays, Hormel Natural Choice deli meats, Hormel Compleats microwave meals and Jennie-O Turkey Store oven ready items and turkey burgers.
“Our company was founded on innovation and that spirit continues to guide us today,” said Jeffrey M. Ettinger, chairman, president and chief executive officer of Hormel Foods. “Generating more than $2 billion in sales from products that didn’t exist 12 years ago is a remarkable accomplishment. I am proud of all our 19,600 employees around the world whose hard work and commitment to making Hormel Foods successful continues to propel our company forward.”