Hormel Foods Corporation, a global branded food company, distributed its annual profit sharing to eligible hourly and salaried team members during this 83rd consecutive grant.
"There are many things that make Hormel Foods uncommon, including our portfolio of global food brands and the incredible people who make them," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "Equally uncommon is our legacy of giving back to our team members and our communities, including our annual tradition of sharing profits with our inspired team. This time-honored tradition–an 83-year-old practice–rewards the dedication and hard work of our team every day to put food on tables across the globe, which has been especially challenging during the pandemic. They have my sincere gratitude, and I am honored to be on their team."
The grant amount varies each year depending on the company's performance and number of eligible employees; in the last 10 years, it has ranged from $14 million to $17 million annually. 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. Distributions from the plan have become an annual Thanksgiving Eve tradition at the company.