HRL News & Events

Hormel Foods announced it has entered into a definitive agreement to sell its whole-bird turkey business to Life-Science Innovations, or LSI. The transaction is expected to close by the end of the second quarter of fiscal 2026 for Hormel Foods, subject to customary closing conditions. In the transaction, LSI will acquire assets from Hormel Foods, including the Melrose, Minnesota, whole-bird production facility; Swanville, Minnesota, feed mill; and associated transportation assets. LSI will also assume supply contracts with third-party turkey growers that are dedicated to the whole-bird business and provide co-manufacturing services to Hormel Foods through the end of its fiscal 2026, to provide uninterrupted fulfillment of customer orders during the transition. The broader array of JENNIE-O branded products, and ownership of the JENNIE-O brand name, are not impacted by the transaction. Financial details of the transaction have not been disclosed.

Sees Q1 revenue approximately $3B, consensus $3.07B. "We are pleased with our preliminary first quarter results," said Jeff Ettinger, interim CEO. "They reflect a solid start to the year, are aligned with our expectations and give us confidence that we are focused on the right initiatives to return Hormel Foods to profitable growth."

At the 2026 CAGNY conference, interim CEO Ettinger will reaffirm the company's fiscal 2026 organic net sales and adjusted diluted earnings per share guidance and review key initiatives for success in fiscal 2026. John Ghingo, president, will discuss the company's unique position in the food industry, and leadership's expectations for achieving its previously announced long-term growth algorithm of 2%-3% organic net sales growth and 5%-7% operating profit growth.

Hormel Foods (HRL) announced the appointment of Will Bonifant as group vice president and chief supply chain officer, effective March 9. In this role, Bonifant will lead the company's global supply chain, including procurement, manufacturing, planning, logistics, engineering and supply chain innovation. Bonifant joins Hormel Foods from Hershey (HSY), where he most recently led supply chain strategy, manufacturing and engineering for a 20-plant network.