Hormel Foods Corp.
AUSTIN, MINN. — Hormel Foods Corp. is a vastly different company from the one James P. Snee joined 27 years ago. In that span of time the company has grown beyond its meat-centric roots into a diversified food company with leading positions in the North American markets for peanut butter, sports nutrition and ethnic foods as well as prepared meats. The next stage of development for the company may include international expansion.
Comments made by Mr. Snee Sept. 7, 2016, during the Barclays Global Consumer Staples Conference, Boston, show that may be his focus as c.e.o.
“ … We acknowledge that our portfolio is primarily a domestic portfolio today, but we believe that our international segments will continue to grow organically through our continued expansion in China, as well as the growth in our iconic brands like Spam and Skippy,” he said. “And we will continue to seek opportunities to expand our global footprint through acquisitions.”
Two additional focuses for Mr. Snee and his management team may include growing the number of products perceived as healthy that Hormel offers and broadening its snack-centric product lines.
To clarify how Hormel would expand in the health category, Mr. Snee referenced the company’s CytoSport brand Muscle Milk.
“One of our goals is to develop products that draw more female consumers to the category, and that led us to launch Muscle Milk Protein Smoothies made with Greek-style yogurt,” he said.
Within snacking, the company is looking to capitalize on two sub-categories: on-the-go and parties. Within the on-the-go segment Hormel Foods introduced Rev Bites, Skippy PB Bites and Justin’s Snack Packs during 2016.
“Snacking also takes place in households and during impromptu parties,” Mr. Snee said. “We’re excited about the innovation that we believe can continue to come in this space. And so, as we think about our performance combined, our pepperoni party trays and Rev product lines have been growing at a rate of 6% since 2013.”
