AUSTIN, Minn. (KTTC) -- Hormel Foods made strides this year in expanding the company both at home and abroad.
With the addition several new product launches and acquisitions, company leaders see this as a great start to 2014.
Hormel Food Corporation CEO Jeffrey Ettinger addressed a group of over a thousand shareholders this evening at Austin High School to share Hormel's highlights of 2013.
Hormel earned a record $8.8 billion this year, up 6 percent from last year.
Ettinger says some of this success comes from the launching of several new products such as Hormel REV Wraps and Hormel Fire Braised Meats as well as the acquisition of Skippy peanut butter.
The company looks forward to expanding Skippy's market presence by introducing new peanut butter products in the future.
"In the long run, we see Skippy as a great innovation platform," says Ettinger. "We'd like to see our team be able to take the product out of the jar and find new vehicles to really entice consumers to really enjoy peanut butter. We thought, even when we announced it that's probably a two year process."
Ettinger reported the Jennie-O Turkey Store saw profits decrease by 7 percent this year--partially due to a less aggressive marketing campaign.
Ettinger says he looks forward to what 2014 may bring for Hormel, and hopes to see another successful year in sales growth.
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