AUSTIN, Minn.— Hormel Foods, a global branded food company (NYSE: HRL), has taken prudent action to protect its global workforce of 20,000 team members and stakeholders during the COVID-19 outbreak. In addition, the company announced its pledge of $1 million in cash and product donations for hunger relief and food insecurity as a result of this crisis.
Since COVID-19 was first identified in China, the company has been following all current CDC and WHO guidance and taking appropriate steps in business planning and continuity. We continue to ensure the highest sanitation and food safety standards are maintained in all production facilities. In addition, Hormel Foods has enhanced its operating protocols at all of its office locations. These enhancements include education for team members on the COVID-19 virus, increased sanitization frequency, updated policies for visitors, business travel restrictions and remote work options for team members.
Comment from Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods:
“First and foremost, I want to recognize our incredible team of production professionals who have risen to the challenge. With a sense of responsibility and pride, they continue to produce food for millions of people who are in the midst of this crisis.
We understand the critical role we play in providing safe and high-quality food to people around the world. We have a responsibility to ensure our products are available when needed, and we are working closely with our retail and foodservice customers to provide a steady supply of all our products, just as we have done over the last 129 years.
We have seen strong demand for our branded products across all retail categories; notably, our SPAM® family of products, SKIPPY® peanut butter products, Hormel® chili, Hormel® Compleats® microwave meals, Jennie-O® turkey products, Hormel® pepperoni, Hormel® Black Label® bacon, Hormel® Gatherings® party trays, Hormel® Natural Choice® lunchmeats, Dinty Moore® beef stew and Applegate® products.
We know the foodservice industry is facing tremendous challenges, and we are positioned to help distributors and operators through this difficult time. Our dedicated salesforce is working to deliver innovative products and solutions to meet the changing dynamics in this industry.
Our manufacturing facilities continue to operate normally. I am particularly proud of the dedicated professionals across our entire supply chain who are working tirelessly to meet the needs of our customers, consumers and operators.
Hormel Foods has a strong balance sheet and stable cash flows that position us to manage through this unprecedented situation. Our long-term perspective, balanced business model and financial discipline allow us to make the best strategic decisions for our business, team members and customers.
On behalf of our team members, I would like to thank the healthcare professionals, first responders, local, state and federal government agencies, and everyone working to keep us safe during this unprecedented crisis.”
ABOUT HORMEL FOODS — Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Applegate®, Justin’s®, Wholly®, Hormel® Black Label®, Columbus®, Happy Little Plants® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the “Global 2000 World’s Best Employers” list by Forbes magazine for three straight years, is one of Fortune magazine’s most admired companies, has appeared on Corporate Responsibility Magazine’s “The 100 Best Corporate Citizens” list for the 11th year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world’s most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.
FORWARD-LOOKING STATEMENT
This release contains forward-looking information based on management’s current views and assumptions. Actual events may differ materially. Please refer to the cautionary statements regarding “Risk Factors” and “Forward-Looking Statements” that appear on pages 30-35 in the company’s Form 10-Q for the fiscal quarter ended Jan. 26, 2020, which can be accessed at hormelfoods.com in the “Investors” section.
