Innovation to propel Hormel's growth
April 01, 2008
by FoodBusinessNews.net Staff
Hormel Foods Corporation has set a new goal for growth through new product innovation. "Go for $2B by 2012," aims to achieve $2 billion in total sales of products created since 2000 by the year 2012.
The effort builds on Hormel Foods’ success with its Billion-Dollar Challenge, which it met two years early. The original challenge was for the company to generate $1 billion in sales from new products launched in this decade, beginning fiscal year 2000 and ending fiscal year 2009. By the end of fiscal year 2007, Hormel Foods reported total sales of $6.19 billion with more than $1 billion generated from new product sales.
Hormel executives said the company was able to meet this challenge because of the success of new products across its business divisions, including Hormel party trays, Hormel Natural Choice pre-sliced deli meats, Hormel Compleats microwave meals and Jennie-O-Turkey Store oven-ready items.
"Our focus on innovation has led to some of the most creative, value-added products in the market today," said Jeffrey Ettinger, chairman, president and CEO. "And our momentum from the Billion-Dollar Challenge will continue to drive us as we approach this more challenging goal."