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) November 1, 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
November 1, 1996
The Company announced it has a signed letter of intent for an asset
sale of its wholly owned subsidiary, Farm Fresh Catfish Company,
Hollandale, Mississippi, and that a $5,400,000 charge will be taken
against 1996 fiscal year earnings. The full text of the announcement
follows:
"AUSTIN, MINN. (November 1, 1996) -- Hormel Foods Corporation, having
decided to exit from its catfish business, today announced it has a
signed letter of intent for an asset sale of its wholly owned
subsidiary, Farm Fresh Catfish Company, Hollandale, Miss.
The name of the proposed buyer and terms of the sale were not
disclosed. Farm Fresh Catfish Company is regarded as one of the
largest growers and processors of farm-raised catfish in the United
States.
"The impending sale is in the best interests of Farm Fresh Catfish
Company and Hormel Foods Corporation," said V. Allan Krejci, director
of public relations. "The sale will allow the new owners of Farm
Fresh to direct complete attention to building volume and market
distribution of this business."
Krejci added the sale is expected to close no later than December 31.
In recognition of this divestiture, the company will make a charge of
$5,400,000 against 1996 fiscal year earnings ended October 26."
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: November 1, 1996
