In the midst of a major avian flu outbreak, Hormel says the fallout from the virus will mean it sells fewer turkeys this year, after losing 1.7 million birds on 28 farms in Minnesota. [More]
Hormel Foods Brands added to its already diverse portfolio by making a move to purchase CytoSport Holdings, the maker of supplement brands such as Muscle Milk. [More]
Maybe it’s just the refreshing feeling of a brand new year, but this week has already seen a lot of action when it comes to companies buying other companies/brands. Yesterday Avis announced it was buying Zipcar, and today Hormel says it’s handing over $700 million to buy Skippy peanut butter from Unilever. [More]
As Americans get ready to gorge on Thanksgiving turkey, some bad news for the makers of meat in this country — earnings at the biggest companies are down, which could mean higher prices for consumers. [More]
Spam. It’s cheap, it’s versatile, and I’ve been told that some people even find it edible. Sales of all canned food, including canned meat, are up in the recession, and Hormel’s new strategy is to promote Spam as something different for people to rotate into their monotonous meal plans.
Remember last year when all the food manufacturers were raising prices and shrinking portions because the cost of raw materials had risen dramatically? Now that costs are down, they’re reluctant to lower prices. It’s a good time to be in the food business.