Jim Snee, Hormel Foods CEO
Hormel Foods has announced that its Speciality Foods segment has been merged into its Grocery Products unit.
The company said that the primary focus of the segment is on delivering a strong branded portfolio of products to the evolving retail environment.
The Grocery Products segment, which will continue to be led by group vice president Luis Marconi, has delivered consistent growth with a focus on nut butters and multicultural food innovation.
Hormel Foods CEO Jim Snee said he is confident that the consolidation of the two segments will deliver revenue of cost synergies while continuing to deliver growth.
“The Grocery Products segment will be a model for strategic management of iconic brands such as the Spam family of products and Skippy peanut butter products, while also nurturing the continued growth of franchises like Wholly Guacamole dips, Muscle Milk protein products and Justin’s nut butters.”
Hormel has continued its growth with a series of acquisitions: in August it bought Brazilian meat company Cidade do Sol for around $104 million as well as Fontanini for $425 million, and last month it sealed a $850 million deal for Columbus Manufacturing.
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