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Hormel announces stock sharing, starting wage increases

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WILLMAR, Minn. – Hormel Foods, the parent company of Jennie-O Turkey Store, announced plans Thursday to award stock options to its employees and raise starting wages to $13 an hour by the end of fiscal year 2018.

Hormel said in its first-quarter earnings report it plans to use savings from the federal Tax Cuts and Jobs Act to fund the new employee benefits. The company operates on a fiscal year that begins in November.

The reported record results in the first quarter were due to tax reform and earnings growth in grocery products. This helped offset issues at Jennie-O and increasing freight costs, the company said in a news release Thursday.

“Grocery products delivered excellent earnings growth which was partially offset by continued challenges at Jennie-O Turkey Store and higher-than-expected freight costs," Jim Snee, chairman of the board, president and chief executive officer at Hormel, said in a news release.


Source :- grandforksherald
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