Hormel Foods Announces Acquisition of Sadler's Smokehouse Business

AUSTIN, Minn., Feb. 20, 2020 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a leading global branded food company, today announced it has reached an agreement to acquire Texas-based Sadler's Smokehouse. Sadler's Smokehouse is a family-owned business that specializes in premium and authentic pit-smoked meats for retail and foodservice customers. Hormel Foods has been a customer of Sadler's Smokehouse for over two decades.

"Sadler's Smokehouse is a great company with an impressive history, talented team and an outstanding portfolio of on-trend products that resonate with consumers, customers and operators," said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. "This is a very strategic acquisition for our foodservice business and it gives us another successful brand to expand into the retail and deli channels."

"Hormel Foods has an excellent reputation as one of the best food companies in the world," said Harold J. Sadler, owner, Sadler's Smokehouse. "We are excited for our employees and family knowing Hormel Foods will continue the Sadler family legacy."

Sadler's Smokehouse will continue operations from the Henderson, Texas, facility and will report into the Refrigerated Foods segment. The transaction was structured as an asset sale and is expected to close in March 2020, subject to customary closing conditions.

Hormel Foods will provide further comments about this transaction during its first quarter earnings call on February 20, 2020, at 8:00 a.m. CST.

About Hormel Foods – Inspired People. Inspired Food.™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenues across 80 countries worldwide. Its brands include SKIPPY®, SPAM®, Hormel® Natural Choice®, Columbus®, Applegate®, Justin's®, Wholly®, Hormel® Black Label® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named one of "The 100 Best Corporate Citizens" by Corporate Responsibility Magazine for the eleventh year in a row and has received numerous other awards and accolades for its corporate responsibility and community service efforts. In 2016, the company celebrated its 125th anniversary and announced its new vision for the future - Inspired People. Inspired Food.™ - focusing on its legacy of innovation. For more information, visit www.hormelfoods.com.

About Sadler's Smokehouse
For over 65 years, Sadler's Smokehouse has been committed to providing premium, pit-smoked meats. Its mission is to continue to offer the finest quality products while maintaining integrity to its tradition and heritage. The company is located in Henderson, Texas.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding "Forward-Looking Statements" and "Risk Factors" that appears on pages 7-9 and 28 in the company's Form 10-K for the fiscal year ended October 27, 2019, which can be accessed at hormelfoods.com in the "Investors" section.

SOURCE Hormel Foods Corporation

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