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Hormel Hands Out $16.3M In Profit-Sharing Checks

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Hormel

(credit: Hormel Foods)

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AUSTIN, Minn. (AP) – Hormel Foods Corp. has distributed a record $16.3 million in profit-sharing to its plant employees, including workers at its Austin plant.

The Austin-based maker of Spam and Dinty Moore canned beef stew passed out the bonus checks during its 72nd annual profit-sharing day Wednesday.

Checks were compiled based on 2.2 regular week’s pay.

Hormel employee Maribel Mendoza tells the Austin Daily Herald the money helps out a lot with bills and Christmas shopping.

Hormel said this week that its fourth-quarter net income rose 17 percent on better prices for turkey and lower grain costs.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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