Hormel Foods is buying Muscle Milk maker CytoSport for approximately $450 million, a move that will diversify its business and tap into younger consumers’ demand for sports nutrition products.
A popular Minnesota tourism attraction is moving, but not very far. Hormel Foods announced that week that it’s building a new Spam Museum in downtown Austin, Minn.
Hormel Foods has chosen its Dubuque plant for the first phase of a major expansion project. Hormel will add a new line for bacon toppings at its Progressive Processing plant, which opened in 2010. It’s unclear how many jobs will come with the first phase.
Hormel Foods apparently has a hankering for a peanut butter and bacon sandwich. The company primarily known for Spam and other cured, smoked and deli meats said Thursday that it’s buying Skippy, the country’s No. 2 peanut butter brand, in its biggest-ever acquisition.
Continued strong sales of Spam and Jennie-O products helped Hormel Foods as its net income climbed 13 percent in its fourth fiscal quarter. The Austin, Minn., company also increased its annual dividend by 13 percent to 68 cents per share.
A jury has ordered an Iowa warehouse operator to pay Hormel Foods Corp. $4 million for failing to protect its products from floodwaters in 2008.
Hormel Foods Inc. said that its board has approved a 2-for1 stock split, which would be its first in a decade.