Hormel distributes largest profit sharing

AUSTIN, Minn., Nov. 24 (UPI) -- Hormel Foods of Austin, Minn., Wednesday announced the largest profit sharing distribution ever made to its employees.

The company said more than $14.6 million was distributed to eligible hourly and salaried employees companywide on Wednesday, Thanksgiving Eve Day, a tradition that started in 1938.

The multinational marketer of consumer-branded meat and food products continues to be unique within the industry with a profit sharing plan that is strictly voluntary and paid at the discretion of the company's board of directors, noted Joel W. Johnson, chairman of the board and chief executive officer.