SOURCE: Industrial Info Resources

Industrial Info Resources

August 26, 2011 06:20 ET

Hormel Foods Sees Meaty Results in Fiscal Third-Quarter 2011 as Grocery Sales Improve, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - Aug 26, 2011) - Researched by Industrial Info Resources (Sugar Land, Texas) -- International food manufacturer and marketer Hormel Foods Corporation (NYSE:HRL) (Austin, Minnesota) reported strong sales and profits in the third quarter of the company's fiscal 2011, as significant gains in the Grocery Products and Jennie-O Turkey segments led to overall growth. Net earnings for the quarter were reported to be $98.48 million, a 15.36% increase from fiscal third-quarter 2010.

Among the projects being pursued by Hormel is the $20 million expansion of a hog processing plant in Fremont, Nebraska. The project involves constructing an additional building and installing equipment and machinery to enhance the production of SPAM products. Last year, the company opened an $89 million, 348,000-square-foot meat processing plant in Dubuque, Iowa, its first new processing plant in more than 25 years. It mainly produces microwave meals, and can employ as many as 300 people at maximum capacity.

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