Hormel Foods Finalizes Sale of Fremont, Neb., Processing Facility

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Dec 03, 2018, 16:30 ET

AUSTIN, Minn., Dec. 3, 2018 /PRNewswire/ -- Hormel Foods Corporation (NYSE:HRL) today announced it has completed the sale of its Fremont, Neb., processing facility to Wholestone Farms, LLC.

The transaction includes a processing facility and a multiyear agreement to supply pork raw materials to Hormel Foods. The current Fremont plant management team and workforce will remain in place to ensure business continuity for all stakeholders. The purchase price was $30 million in cash, subject to select inventory and administrative adjustments.

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 more than 80 countries worldwide. Its brands include SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin's^®, Wholly Guacamole^®, Hormel^® Black Label^®, Columbus^® 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 10^th 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 125^th 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 and http://csr.hormelfoods.com/.