Hormel Foods is putting a strong focus on growing trends in portable and nutritious foods, multicultural flavors and expansion into global markets, said Jeffrey M. Ettinger, the company’s chairman of the board, president and CEO. Ettinger offered insights on the company’s strategies for driving growth, including innovation efforts to deliver products that fit the needs of today’s consumer, while speaking at the Barclays Back-to-School Consumer Conference.
“Our continued focus on innovation has brought creative and convenient value-added food products to consumers,” Ettinger said. “It has also enabled us to keep our broad portfolio of iconic brands fresh and relevant with new flavors, packaging and convenience.
“The launch of Skippy singles, along with the growth of Hormel REV wraps and Wholly Guacamole minis are examples of innovative new ways to give our consumers snacking options with the portability they crave,” Ettinger continued. “Our Jennie-O Turkey Store products and Hormel Natural Choice deli meats offer better-for-you options for consumers.”
Acquisition of CytoSport Holdings diversifies Hormel portfolio
In August, Hormel Foods acquired CytoSport Holdings, the maker of Muscle Milk products. CytoSport’s brands align with the company’s focus on protein, while further diversifying the Hormel Foods portfolio. The acquisition will serve as a growth catalyst for the company’s Specialty Foods segment, and also offers a branded avenue for our company in the fast growing sports nutrition space. Ettinger stated Muscle Milk products will be a key contributor to the company’s growing portfolio of products focused on portable foods and better-for-you trends.
Hormel expanding global reach
In addition to innovation, the company will be focusing on driving sales outside of the United States as Ettinger stated, “We have done a nice job of expanding sales of our SPAM family of products outside the United States, and SKIPPY peanut butter has been a complimentary growth vehicle for our international business.”