Hormel Foods Corporation (NYSE:HRL) today announced stockholder approval
of a two-for-one stock split at the company’s Annual Meeting of
Stockholders on Tuesday, Jan. 26, 2016. This is the 10th
stock split in the company’s history.
The stock split, first approved by the company’s Board of Directors on
Nov. 23, 2015, is implemented by splitting the par value of the
company’s common stock from $.0293 to $.01465 per share and increasing
the number of authorized shares from 800 million to 1.6 billion.
Stockholders of record at the close of business on Jan. 26, 2016, will
receive one additional share of common stock for each share owned on
that date. Under the rules of the New York Stock Exchange (NYSE), where
the company’s common stock is traded between Jan. 26 and the
distribution of the new shares planned by Feb. 9, 2016, the selling
stockholder is responsible for delivering the new shares received to the
buyer.
The annual dividend rate, when adjusted for the two-for-one split, will
be $.58 per share.
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minnesota, is a multinational
manufacturer and marketer of consumer-branded food and meat products,
many of which are among the best known and trusted in the food industry.
The company leverages its extensive expertise, innovation and high
competencies in pork and turkey processing and marketing to bring
branded, value-added products to the global marketplace. The company is
a member of the Standard & Poor's (S&P) 500 Index, S&P 500 Dividend
Aristocrats for 2015, was named the 2013 Sustainable Supply Chain of the
Year by Refrigerated & Frozen Foods magazine, and was again named one of
“The 100 Best Corporate Citizens” by Corporate Responsibility Magazine
for the seventh year in a row. Hormel Foods was also recognized as a
2015 Military Friendly Employer by G.I. Jobs magazine, on the 2015 Best
for Vets Employers List by Military Times, and was named one of the 2015
40 Best Companies for Leaders by Chief Executive magazine. The company
enjoys a strong reputation among consumers, retail grocers, foodservice
and industrial customers for products highly regarded for quality,
taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.
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