Hormel high-five: Record profits, record profit-sharing

Author:
Updated:
Original:

There is joy in Spamtown.

The Austin Daily Herald reports employees at Hormel Foods enjoyed a longstanding tradition as all of the 1,800 Austin plant workers who have worked for the company more than a year received a profit sharing bonus. The amount, which totaled a record $17 million this year, gives about 2.4 weeks’ pay to employees. Last year, Hormel distributed $16.9 million in profit sharing, which was also a record.

Hormel doesn’t guarantee an annual bonus, but the Austin-based Fortune 500 company it has given one to its workforce for 75 straight years. Jay C. Hormel, former Hormel CEO and son of its founder, started the profit sharing program in 1938.

The Rochester Post-Bulletin reported that the checks were distributed to workers at shift change Thursday morning.

“Our record results are evidence of our many hard-working employees and their dedication to quality,” said Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods. “It is with great pride that we continue to share our company’s success as we have for so many years.”

On Wednesday, Hormel reported yesterday a record year, with $526.2 million in profit, a 5 percent increase over last year, and $8.75 billion in total sales, a 6 percent increase from 2012.

Kaway Goy, who worked at the Austin plant for six years, said he looks forward to the annual bonus check so he can buy gifts for his family.

“It motivates us,” he said.

The company produces familiar brands such as Spam, Hormel chili, Jennie-O turkey and Dinty Moore stew.

Next Up

police lights

Attempted luring of 14-year-old girl reported in West St. Paul

The suspect is described as a white man in his 40s.

Screen Shot 2021-03-04 at 9.19.48 PM

Worker, 18, suffers serious electric shock at Vikings apartments site

The worker was reportedly in a critical condition Thursday.

49920879552_ef6458affd_o2

As golf season approaches, book your round now at Dacotah Ridge GC

The stunning course is designed by world-renowned architect Rees Jones.

Kevin Garnett

Kevin Garnett's group out of potential Timberwolves sale

Timberwolves owner Glen Taylor said that Garnett's group was not one of "more than 10" to buy the team.

axebridge

Full production winery set to open in Minneapolis this month

The couple behind Schram Vineyards Winery and Brewery is opening AxeBridge Wine Company in Minneapolis' North Loop neighborhood.

ambulance

Pedestrian killed in two-vehicle crash in Crystal

The incident happened just after noon.

Screen Shot 2021-03-04 at 1.45.48 PM

Foss Swim School opens its 9th Minnesota location in former Pier 1 store

The Eden Prairie based company has 22 locations across the Midwest.

police tape, crime scene

Charges: Minneapolis man kills woman, tells police to kill him

A convicted felon is accused of fatally shooting a 29-year-old woman on Feb. 28.

tree

It's that time of year: Minneapolis offers deal on trees for property owners

The City Trees program sells trees for $25 from March 8 to April 16, or until trees run out.

coronavirus, covid-19, doctor

CDC report reveals how first cases of Brazilian COVID variant came to MN

Dozens of people had to be tested for the virus after the first and only two cases of the P.1 variant were detected in Minnesota.

Related