021129 Hormel Employees Receive Profit SharingNovember 27, 2002Austin, MN - Hormel Foods Corporation announced the largest profit sharing distribution ever made to its employees. More than $12.5 million was distributed to eligible hourly and salaried employees companywide on Thanksgiving Eve Day, a tradition that started 64 years ago in 1938. Under the profit sharing distribution, each eligible employee received, on the average, a sum equivalent to 2.6 extra base weekly paychecks. The multinational marketer of consumer-branded meat and food products continues to be unique within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company's board of directors, noted Joel W. Johnson, chairman of the board, president and chief executive officer. "Profit sharing enables us to recognize the dedicated employees who contributed to the company's strong results despite a challenging economic climate in fiscal 2002," said Johnson. "We are very pleased to make a profit sharing distribution to those eligible individuals who played a key role in our success this past year."
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