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) October 15, 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 three (3) pages numbered sequentially from
this cover page.
Item 5. OTHER MATERIALLY IMPORTANT EVENTS
October 15, 1996
A newly created subsidiary of the Company has acquired Stagg Foods,
Inc., a leading West Coast producer of chili and related products,
through an exchange of Hormel common stock for all the outstanding
common stock of Stagg. Stagg will be merged into the Hormel
subsidiary and the surviving entity will be called Stagg Foods. The
transaction will not have a material effect on Hormel's 1996 results.
The text of the news release regarding the transaction follows:
"AUSTIN, MINN. (October 15, 1996) -- Hormel Foods Corporation
(NYSE:HRL) today announced the acquisition of Stagg Foods, Inc., a
leading manufacturer of chili, baked beans and beef stew products for
retail stores, club stores and foodservice outlets. While many of
these products enjoy national distribution, Stagg Foods is primarily
known as a strong regional player, serving 11 major markets on the
West Coast and in the Pacific Northwest. Terms of the sale were not
disclosed.
The acquisition solidifies Hormel Foods position as a leading
manufacturer and marketer of canned chili in the United States.
Thirteen premium brands, including Stagg classic chili, Stagg
dynamite hot chili, Stagg Laredo chili, Stagg double barrel beef
straight chili, Stagg Ranch House chicken chili and 99 percent fat-
free Silverado beef, turkey ranchero and vegetable garden varieties,
will join the Hormel Foods grocery products line, producing a number
of sales, marketing and distribution synergies.
"We are very excited about the possibilities the Stagg name offers
us," says V. Allan Krejci, Hormel Foods director of public relations.
"The brand is very popular in the western states and will give Hormel
Foods a stronger presence in those markets and in foodservice and club
stores nationally. This acquisition will also offer our customers a
wider range of chili tastes."
With this transaction, Hormel Foods will acquire the Stagg Foods
manufacturing plant in Hillsboro, Ore. Stagg Foods currently employs
82 employees.
Stagg Foods originated in 1955 as Rocking K Foods, Inc., by Clement L.
Hirsch. The privately owned company is currently led by Gregory L.
Hirsch, president and son of the founder. Greg succeeded his older
brother, Bo Hirsch, who led the company in the 1980s. Over the past
five years, Stagg chili has recorded a compound annual growth rate of
20 percent.
Hormel Foods Corporation, headquartered in Austin, Minn., is a
multinational food products company, manufacturing meats, grocery and
other food products."
SIGNATURES
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
D. J. HODAPP
Executive Vice President
and Chief Financial Officer
By
M. J. McCOY
Treasurer
Dated: October 15, 1996
