Hormel Foods Corporation's specialty foods segment has been merged into its grocery products segment. The primary focus of the segment is on delivering a strong branded portfolio of leading products to the evolving retail environment of food, drug, mass, club and e-commerce.
"I am confident that the consolidation of these two segments will deliver revenue and cost synergies in all aspects of the business while continuing to deliver industry-leading growth," says Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "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.".
The grocery products segment has delivered consistent, profitable growth with a focus on category-defining legacy brands, nut butters and multi-cultural food innovation. The specialty foods portfolio consists of health and nutrition products.