Ettinger talks growth at Barclays conferencePublished 11:07am Friday, September 6, 2013
During the annual Barclays Back-to-School Consumer Conference in Boston, Hormel President and CEO Jeff Ettinger offered insights on the company’s strategy for targeting category growth with new products and driving sales in international markets.
“Our continued focus on innovation has brought many creative and convenient value-added food products to consumers,” Ettinger said. “We have achieved more than $2 billion in total sales from new products created since 2000 and have challenged our team to achieve $3 billion by 2016.”
Ettinger noted that seven of the company’s new products were recognized as “2013 Editors’ Picks” by Progressive Grocer magazine, including the new Hormel Rev snack wraps.
Ettinger explained that in addition to innovation, the company will focus on driving sales outside of the United States. “We expect our international segment to be a driver of accelerated growth for the company,” Ettinger said.
In January, Hormel acquired Skippy peanut butter products and has fully integrated the operations, logistics and sales of the brand into its grocery products division domestically, where it has performed well. Ettinger said Skippy will be a key driver of its international growth plans, especially in China. Closing of that deal is targeted to be completed by the end of fiscal 2013.
To listen to the recorded version of the webcast, click here.