Following strong earns, Hormel anounces 2-for-1 stock split


Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

NEW YORK (AP) — Hormel is announcing a two-for-one split a day after the company reported a strong fourth quarter and outlook.

The company is projecting higher sales from organic meats producer Applegate, which it bought earlier this year.

Chairman and CEO Jeffrey Ettinger said Wednesday that the split "demonstrates our confidence that we will continue to grow our sales and earnings."

Shares hit an all-time high Tuesday.

The stock split, which would increase the number of shares to 1.6 billion from 800 million, requires shareholder approval.

Hormel Foods Corp., based in Austin, Minnesota, set Jan. 26 as the record date for shareholders to be eligible for the split. It would be effective around Feb. 9.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast