Hormel Thanks Employees with Profit-Sharing Checks
AUSTIN (AP) - Hormel Foods Corp. is continuing its popular Thanksgiving tradition - giving its employees a share of the corporate profits.
The Austin, Minn.-based meatpacker said Wednesday that because of its record profits in 2012, eligible hourly and salaried employees will be sharing $16.9 million in profit-sharing checks.
The company didn't immediately return a message asking how many employees would receive checks and whether the money would be distributed equally.
Hormel began its profit-sharing program in 1938 and has continued in each of the past 74 years.
The company produces familiar brands such as Spam, Hormel chili, Jennie-O turkey and Dinty Moore stew.
Hormel reported this week that its full-year net income climbed 6 percent to $500.1 million. Annual revenue was up 4 percent.
(Copyright 2012 by The Associated Press. All Rights Reserved)