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Hormel Foods Transitioning To Three Strategic Operating Segments
(RTTNews) - Branded food company Hormel Foods Corp. (HRL) announced Tuesday a new strategic operating model, aligning its businesses to be more agile, consumer and customer focused, and market driven.
Effective October 31, 2022, the beginning of fiscal 2023, the company is transitioning to three operating segments - Retail, Foodservice and International. The One Supply Chain team will continue to oversee the company's global supply chain.
The Retail segment will be powered by a new center of excellence called Brand Fuel, which will be a food forward hub, housing brand management expertise, world-class marketing capabilities and insights-led innovation, and will further enable data-driven decisions for the enterprise.
The Foodservice operating segment will serve leading foodservice establishments, including restaurants, hotels, educational and health care institutions, convenience stores and entertainment venues.
The International segment will continue to focus on aggressively growing its presence outside the United States, including growing global brands such as SPAM and SKIPPY.
Hormel Foods will begin operating under the new model Oct. 31, 2022. Earnings will be reported under this structure beginning in the first quarter of fiscal 2023.
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