Hormel Foods Announces Intent to Sell Equipment Manufacturer.Business Editors AUSTIN, Minn.--(BUSINESS WIRE)--July 20, 2001 Hormel Foods Corporation (NYSE NYSE See: New York Stock Exchange :HRL HRL Hughes Research Laboratories HRL Harlingen, TX, USA (Airport Code) HRL Hunter River Lancers HRL Health Research Laboratory HRL Horizontal Reference Line HRL Home Run League (adult Wiffle ball league) ) has announced that a letter of intent has been signed to sell its subsidiary Algona Fabrication and Equipment Co. (AFECO AFECO Air Force Electronic Combat Office ), Algona, Iowa. The company plans to sell AFECO, a food processing equipment manufacturer, to Cozzini Inc., Chicago, Ill., which manufactures a complete line of meat and food processing equipment. Cozzini intends to hire all 45 current employees and has tentative plans to expand the AFECO plant in Algona. "The impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. sale of AFECO will enable us to concentrate on our core business," said Michael J. McCoy, senior vice president and chief financial officer with Hormel Foods. About Hormel Foods Corporation Hormel Foods, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products regarded for quality, taste, nutrition, convenience and value. About Cozzini Inc. Cozzini of Chicago, Ill., supplies a full line of meat and food processing equipment, including the design and manufacture of stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. equipment, such as blenders, mixers, silos and conveyors, emulsion systems and meat and food reduction systems. Forward-Looking Statements This press release contains forward-looking information based on management's current views and assumptions. Actual events may differ. Please refer to the Cautionary Statement Relevant to Forward-Looking Statements and Information that appears on Exhibit 99 of the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended October 28, 2000, which can be accessed at http://www.hormel.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion