Hormel’s Annual Profit Sharing Climbs To Nearly $18,000,000
Austin, MN (KROC AM News) - An annual Thanksgiving Day Eve tradition was observed Wednesday morning by management at Austin-based Hormel Foods.
The company announced the details of its annual profit sharing program for eligible workers. The total this year is $17.8 million. That’s $400,000 higher than last year’s total. The announcement came one day after Hormel announced it had just completed another strong financial year.
"Our company has achieved seven consecutive years of record earnings," said Jeffrey M. Ettinger, chairman of the board and chief executive officer at Hormel Foods. "These results are due to the tremendous efforts of our dedicated employees year after year. We are proud to share in the success of our company with our team."
"Our employees continue to produce and deliver safe, wholesome and high-quality products to our customers and consumers," said James P. Snee, president and chief operating officer at Hormel Foods. "Our profit sharing program is unique within the industry, and it is truly gratifying to be able to share our success with the Hormel Foods team."
The profit sharing program was started by Jay C. Hormel in 1938 and is voluntarily paid at the discretion of the company's Board of Directors.