By attaining this goal, Hormel Foods continues its successful track record of creating innovative, new products to grow the company’s brand portfolio, notes a press release. The “Go for $2B by 2012” goal built upon the company’s success with its earlier Billion Dollar Challenge, which was to generate $1 billion in sales from new products launched in the decade, beginning fiscal year 2000 and ending fiscal year 2009. By the end of fiscal year 2007 -- two years early -- Hormel Foods reported total sales of $6.19 billion with more than $1 billion generated from new product sales.
“Our company was founded on innovation and that spirit continues to guide us today,” said Jeffrey M. Ettinger, chairman, president and chief executive officer of Hormel Foods. “Generating more than $2 billion in sales from products that didn’t exist 12 years ago is a remarkable accomplishment. I am proud of all our 19,600 employees around the world whose hard work and commitment to making Hormel Foods successful continues to propel our company forward.”
Hormel Foods was able to meet this challenge because of the success of new products across its business divisions. The most successful new products include Hormel party trays, Hormel Natural Choice deli meats, Hormel Compleats microwave meals and Jennie-O Turkey Store oven ready items and turkey burgers.