Hormel Hands Out $16.3M In Profit-Sharing Checks
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 This material may not be published, broadcast, rewritten or redistributed.)