Hormel Foods Distributes Largest Profit Sharing Ever.Over $15 Million Distributed in the 68(th) Consecutive Year of the Program AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Minn. -- 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) ) today announced the largest profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of distribution ever made to its employees. Nearly $15.4 million was distributed to eligible hourly and salaried employees on Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. Eve Day, a tradition that started 68 years ago in 1938. The multinational marketer of consumer-branded meat and food products continues to be unique within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company's board of directors, noted Jeff Ettinger, president, chief executive officer and chairman of the board of Hormel Foods. "Our people are our greatest asset," Ettinger said. "It is very appropriate at this time of year to recognize the employees who contribute to our success. With the profit sharing tradition begun by Jay C. Hormel in 1938, employees are able to benefit from the company's accomplishments." About Hormel Foods Corporation Hormel Foods Corporation, 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 leverages its extensive expertise, innovation and high competencies in pork pork, flesh of swine prepared as food, one of the principal commodities of the meatpacking industry. Pork has long been a staple food in most of the world, although religious taboos have limited its use, especially among Jews and Muslims. and turkey processing and marketing to bring quality, value-added brands to the global marketplace. For each of the past six years, Hormel Foods was named one of "The Best Big Companies in America" by Forbes magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit www.hormel.com. |
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