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Hormel Foods Announces New Goal for Growth

by 5m Editor
4 March 2008, at 10:35am

US – Hormel Foods Corporation, one of the US’s largest manufacturers and marketers of consumer-branded meat and food products, has set a new goal for growth through innovation.

"Go for $2B by 2012," aims to achieve $2 billion in total sales of products created since 2000 by the year 2012.

The new goal builds on Hormel Foods' success with its Billion Dollar Challenge, which it met two years early. The challenge was for Hormel Foods to generate $1 billion in sales from new products launched in this decade, beginning fiscal year 2000 and ending fiscal year 2009.

By the end of fiscal year 2007, Hormel Foods reported total sales of $6.19 billion with more than $1 billion generated from new product sales.

"Our products have always delivered the twin benefits of great flavor and time-saving convenience," said Jeffrey M. Ettinger, chairman, president and chief executive officer of Hormel Foods.

"We believe we are the industry leader in value-added protein because of our ability to innovate, our understanding of consumer and customer needs, and commitment to quality.

"The Billion Dollar Challenge was a key component of the company’s innovation platform, and our employees really stepped up to this challenge and delivered excellent results ahead of the timeline given."

5m Editor