US - US food and meat processing giant Hormel Foods Corporation is celebrating a record financial year in 2014.
At the annual shareholder meeting, the company highlighted the company’s foodservice business growth under its Refrigerated Foods segment.
Jeffrey M. Ettinger, chairman of the board, president and chief executive officer at Hormel Foods, (pictured) spoke about the company’s continued growth and success from the year.
“I am pleased to share the fantastic results of our company during this past year,” Ettinger said.
“We achieved record dollar sales and record earnings per share in fiscal 2014. Additionally, we raised our annual dividend by 25 percent to $1 per share for fiscal 2015, marking the 49th consecutive year we have increased our dividend.
“During fiscal 2014 we acquired CytoSport Holdings, makers of Muscle Milk products, as a growth catalyst for our Specialty Foods segment. We also introduced innovative, new products such as SKIPPY singles and Hormel, REV AM breakfast wraps to capitalise on the growing on-the-go meal opportunity.”
Deanna T. Brady, group vice president, foodservice, delivered the meeting’s featured presentation.
She discussed how the foodservice group has focused on colleges and universities, the healthcare segment and product innovation to drive growth for the Refrigerated Foods segment of Hormel Foods.
In her comments, Ms Brady said: “Our ability to identify new customers and deliver on-trend menu solutions through a talented and unique sales team has allowed us to exceed industry growth rates.”
HK Scan said the impact is expected to be seen from the second quarter 2015 onwards.
A non-recurring cost € 1.6 million related to the restructuring has been reported in the fourth quarter of 2014.
The planned actions aim to create an efficient production platform supporting the Group’s strategic goal of boosting profitable growth, HK Scan said.
TheMeatSite News Desk