SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) December 20, 1996
HORMEL FOODS CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-2402 41-0319970
(Commission File Number) (IRS Employer Identification Number)
1 Hormel Place, Austin, Minnesota 55912
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (507) 437-5737
`
Pages: This report contains four (4) pages numbered sequentially from
this cover page.
Item 5. OTHER MATERIALLY IMPORTANT EVENTS
December 20, 1996
The Company announced the purchase of a 21.4 percent minority interest
in Spanish company Campofrio Alimentacion, S.A., headquartered in
Madrid, Spain. The $64,300,000 investment is the Company's largest
overseas investment to date. The full text of the announcement
follows:
FOR RELEASE UPON RECEIPT:
HORMEL FOODS CORPORATION PURCHASES
STAKE IN CAMPOFRIO ALIMENTACION, S.A.
Investment provides important international strategic alliance
for Hormel Foods and Campofrio.
"AUSTIN, MINN., December 22, 1996--Hormel Foods Corporation
today announced the purchase of a 21.4 percent minority interest in
Spanish company Campofrio Alimentacion, S.A., headquartered in Madrid.
Campofrio is a leading international foods company with annual sales
approximating $650 million. this $64.3 million investment is Hormel
Foods largest overseas investment to date and augments a series of
international partnerships and acquisitions.
During the last several years, both Hormel Foods and Campofrio
have aggressively expanded their international focus. Pedro Ballve,
Campofrio's chairman, noted his company's strength not only in Spain,
but also in Russia and Latin America which complements Hormel Foods
growing strength in Asia. "Campofrio views two companies," said
Ballve. "We are extremely pleased to have found a U.S. partner of
such strategic importance to us."
The alliance is expected to provide each company with synergies
in introducing and expanding product distribution and brand
penetration outside its home market. It also provides Hormel Foods a
strong partner with whom to introduce products and strengthen its U.S.
brands in Europe while providing Campofrio with improved access to
United States consumers. Campofrio's presence in Russia complements
Hormel Foods growth initiatives in Eastern Europe and China.
"This venture brings together two successful and visionary
international food companies," said Joel W. Johnson, Hormel Foods
chairman of the board, president and chief executive officer. "We
are very pleased to be allied as a shareholder with Campofrio, a
premier food company in Spain, which has significant international
market presence and capabilities and shares our business philosophy of
providing consumers with high-quality differentiated products. We
look forward both to expanding Hormel Foods products and brands into
new markets with Campofrio's involvement and, in turn, helping
Campofrio offer consumers in the U.S. and elsewhere a wider variety of
its products."
In addition to owning plants in Spain, Campofrio participates
through subsidiaries in operating food processing plants in Russia,
the Dominican Republic, Argentina, and the Philippines. Campofrio has
more than 1,500 employees worldwide and distributes products
extensively in Europe, South America and the Caribbean.
Campofrio markets quality ham, franks, sausage and turkey
products under the slogan "Vita Sana" (Healthy Life),.and has
recently introduced a SANISSIMO line of healthy meat products which
are not only low in fat, sodium and cholesterol but also provide added
fiber-enriched benefits. The SANISSIMO line targets active people
pursuing a healthy lifestyle.
Hormel Foods Corporation, headquartered in Austin, Minn., is a
multinational food products company manufacturing a wide variety of
refrigerated and shelf stable meat food products and other food
products with exports to 50 countries and subsidiaries, minority
interests, or licenses in eight countries across the world."
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this Report
to be signed on its behalf by the undersigned thereunto
duly authorized.
HORMEL FOODS CORPORATION
(Registrant)
By \s\ D. J. Hodapp
D. J. HODAPP
Executive Vice President
and Chief Financial Officer
Dated: December 20, 1996
