Hormel gives out annual profit sharing checks; Each employee getting record amount
Published 4:17 pm Wednesday, November 27, 2019
- Troy Peterson hands out profit sharing checks to employees last year. This year the profit sharing when forward without the annual event. Herald file photo
On Wednesday, Hormel Foods distributed its annual profit sharing checks per employee, who will enjoy a record amount of money doled out.
“It was a record-breaking year,” said Austin Plant Manager Clint Walters. “… we give out between $14 and 17 million each year.”
A total for this year’s distribution wasn’t given and the amount each year is dictated by how much the company makes in a given year.
For the company and its employees, this extra money, which is traditionally handed out on the day before Thanksgiving, is an extra boost with Christmas on the horizon.
“It means a lot and it helps with shopping with the holidays right around the corner,” said Gilberto Sanchez, who has been with the company for eight years.
Cole Hastings, a 10-year employee, echoed that, adding that planning for the holidays is easier knowing this money will be there.
Hormel Plant Manager Clint Walters greets employees as they come in for the company’s annual profit sharing.
“With the thing of the check, it works out well with Christmas around the corner,” Hastings said. “There’s a nice little nest-egg to spend.”
For Hormel it’s a chance to say “thank-you.”
“This is our 81st profit sharing day,” Walters told employees early Wednesday morning. “For the effort and the attitude you bring in each year — thank you.”
The program was started in 1938 by Jay C. Hormel.
During the distribution, Walters read a note from the Chairman of the Board, President and Chief Executive Officer Jim Snee.
Hormel Food Corps. employees line up for their profit sharing check Wednesday morning in the Hormel plant.
“Our profit sharing program remains unique in our industry, and we are proud to be able to share our continued success with our inspired team members who work tirelessly to deliver outstanding branded food products to millions of consumers each year,” Snee said. “It is this dedicated team that helps ensure we remain one of the most trusted and successful global branded food companies. We wouldn’t be the uncommon company we are today without all of them.”
This year, Hormel saw an 11 percent increase in annual dividend revenues and overall saw $9.5 billion in product sales.
In 29 of the last 33 years, Hormel has seen growth, which only five other companies in the S&P 500 can claim to have done.
“We wouldn’t be successful if it wasn’t for all you people in this room,” Walters said.
