The Hormel Foods Corporation announced yesterday that for the first time in more than 10 years, the company’s Board of Directors has authorized a two-for-one split of the company’s common stock.
The Hormel Foods Corporation announced yesterday morning that for the first time in more than 10 years, the company’s Board of Directors has authorized a two-for-one split of the company’s common stock. Hormel Chairman of the Board, President and CEO Jeffery M. Ettinger says there are three reasons behind the split, a decade of strong performance, confidence in the ability to continue to grow the business in terms of sales and earnings in the future and seeking to put their stock price in a more attractive range for individual investors. Ettinger says with the split they are celebrating their past successes and exhibiting their confidence in the future.
Under the proposal the number of authorized shares of voting common stock will increase from 400 million to 800 million pending the stockholder approval that is required during the company’s annual meeting on January 31st.
Hormel’s Knoxville plant employs 144 associates. Plant Manager Troy Hawkshead says he’s proud to be part of a company that has a long history of strong performance. He says he’s equally proud to be part of a group of people that works as hard as the employees at the Knoxville plant.