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) September 30, 1998
HORMEL FOODS CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-2402 41-0319970
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(Commission File Number) (IRS Employer Identification Number)
1 Hormel Place, Austin, Minnesota 55912
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(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.
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Item 5. OTHER MATERIALLY IMPORTANT EVENTS
September 29, 1998
The Company's Board of Directors has authorized a repurchase of up to five
million shares of Hormel Foods Corporation common stock. Purchase of the full
amount would equal 6.8 percent of the 73,614,546 shares issued. The program will
be accomplished through periodic purchases at prevailing prices on the open
market, by block purchases or in privately negotiated transactions. The Company
intends to use excess cash to fund the repurchase of shares which may then be
retired or retained as treasury stock.
This new repurchase program follows the completion of Hormel Foods Corporation's
initial five million share repurchase program which was authorized March 25,
1996, and completed July 23, 1998.
The Company considers the repurchase program to be an excellent way to use a
portion of the cash accumulated from operations to increase value to
shareholders.
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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 s/s
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D. J. HODAPP
Executive Vice President
and Chief Financial Officer
By s/s
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J.M. ETTINGER
Treasurer
Dated: 10/5/98
