Hormel, Minnesota fare well on Fortune 500

Published 5:00 pm Saturday, May 7, 2011

Hormel Foods Corp. continues to climb the Fortune 500 list.

Hormel ranks 325 in the newest edition of the list, released Thursday, up from 340 in 2010. The company was 373 in 2009, 390 in 2008 and 403 in 2007, and its current ranking is the highest since 1994.

For the 2010 fiscal year, ending Oct. 31, the company saw total sales of $7.2 billion, a 10.5 percent increase from 2009.

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“In fiscal year 2010, all five business segments performed well, which is a testament to the value of our balanced model,” said Julie Craven, vice president of corporate communications. “Increasing sales and keeping our brands top-of-mind with consumers were areas of focus throughout the year.”

Craven said the steady increase bodes well for the future as well.

“For the future, our focus will be to grow sales and earnings by continuing our strong, long-term track record of both new product innovation and making strategic acquisitions,” she said.

Walmart topped the list, boasting $422 billion in revenue, a 3 percent increase from 2009. Exxon Mobil was second, with $355 billion in revenue, a 25 percent increase.

Hormel was one of 20 Minnesota companies to make the list.

—The Associated Press contributed to this report.