During its annual shareholder meeting in Austin MN recently, Hormel Foods Corporation (NYSE: HRL) celebrated the growth of MegaMex Foods, its 50/50 joint venture with Herdez del Fuerte. Since its inception two years ago, MegaMex Foods has increased sales by more than 150%.
“The focus of MegaMex Foods is to bring the spirit of Mexico to every table,” said James M Splinter, group vice-president, Grocery Products at Hormel Foods. “We are excited about the future because our expectation for this business is that it will continue to grow at an accelerated rate exceeding that of our core Grocery Products portfolio.”
MegaMex Foods was a key driver of success for Hormel Foods, which experienced record success in fiscal year 2011. To highlight this achievement, Jeffery M Ettinger, chairman of the board, president, and chief executive officer at Hormel Foods, commented on the company’s recent growth.
During fiscal year 2011, Hormel Foods:
•Experienced record dollar sales of $7.9 billion, up 9% from the previous year.
•Increased net earnings per share by 15% over 2010.
•Registered net sales increases in all five operating segments year over year:
—Grocery Products up 2%
—Refrigerated Foods up 10%
—Jennie-O Turkey Store up 12%
—Specialty Foods up 7%
—All Other (International) up 26%
“In looking at the full year, we delivered significant sales growth of 9%, ending the year at a record $7.9 billion, with all five segments registering increases,” Ettinger said. “We were able to accomplish this by enhancing our support of key Hormel and Jennie-O Turkey Store brands in fiscal 2011 with effective advertising campaigns.”
To view a video of the meeting, visit www.hormelfoods.com/newsroom/events/annualmeeting.aspx.
Hormel Foods is a multinational manufacturer and marketer of consumer-branded food and meat products. For more information, visit www.hormelfoods.com.
Herdez Del Fuerte, based in Mexico City, is a manufacturer and marketer of consumer-branded food and beverages in Mexico and the United States. It operates seven manufacturing facilities and seven distribution centers across Mexico with more than 6,000 employees. For more information, visit www.grupoherdez.com.mx and www.kuo.com.mx.
