Hormel Foods Corporation (NYSE:HRL) today announced that it has entered into a definitive agreement to sell Diamond Crystal Brands, Inc. to an affiliate of Peak Rock Capital, LLC. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the United States, and is expected to close within 30 days. Hormel Foods Corporation will retain Hormel Health Labs, a provider of nutritional foods and beverages developed specifically for individuals with special dietary needs. The companies are making plans to ensure a smooth transition for the customers and employees of Diamond Crystal Brands.
Hormel Foods Corporation will provide financial details related to this transaction during its second quarter earnings conference call scheduled at 7:00 a.m. CT on Wednesday, May 18, 2016.
About Hormel Foods
Hormel Foods Corporation, based in
Austin, Minn., is a multinational manufacturer and marketer of
consumer-branded food and meat products, many of which are among the
best known and trusted in the food industry. Hormel Foods, which
leverages its extensive expertise, innovation and high competencies in
pork and turkey processing and marketing to bring branded, value-added
products to the global marketplace, will celebrate its 125th anniversary
in 2016. The company is a member of the Standard & Poor's (S&P) 500
Index, S&P 500 Dividend Aristocrats, and was named one of “The 100 Best
Corporate Citizens” by Corporate Responsibility Magazine for the eighth
year in a row. Hormel Foods also received a perfect score on the 2016
Human Rights Campaign Foundation’s Corporate Equality Index, was
recognized on the 2016 Best for Vets Employers List by Military Times,
and was named one of the 2016 Best Companies for Leaders by Chief
Executive magazine. The company enjoys a strong reputation among
consumers, retail grocers, foodservice and industrial customers for
products highly regarded for quality, taste, nutrition, convenience and
value. For more information, visit http://www.hormelfoods.com
and http://2014csr.hormelfoods.com/.
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Contacts:
Media Contact:
Wendy
Watkins, 507-437-5345
media@hormel.com
or
Investor
Contact:
Jana L. Haynes, 507-437-5248
jlhaynes@hormel.com