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Keynote by Jeff Ettinger with Hormel
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Transcript of Keynote by Jeff Ettinger with Hormel
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HORMEL FOODS
Jeff Ettinger, Chairman, President & CEO
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Hormel Foods Overview
• Global, $8 billion company with headquarters in Austin, Minnesota
• More than 19,800 employees• Purchase over 3 million hogs per year
from Minnesota family farms
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Deep Supply Chains in Pork and Turkey
Packaged Foods
Balanced Model
Financially Conservative
Retail
Protein
Purchase Everything Else
Innovative Culture
Foodservice
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Leading Brands
At least 34 products have #1 or #2 market share positions in their category
• These categories span our Grocery Products, Meat Products and Jennie-O Turkey Store segments
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Major Agricultural Presence – Jennie-O Turkey Store
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What started with two young entrepreneurs has turned into one of the world’s largest turkey processors – processing over 1.2 billion pounds on an annual basis
Wallace Jerome Earl Olson
Founding Fathers
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Corn / Soy Purchases
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Detroit Lakes
Jennie-O Turkey Store Hatcheries
Barron
Henning
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Perham
HenningSwanville
Atwater
Dawson NorthfieldFaribault
Jennie-O Turkey Store Feed Mills
Barron
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Jennie-O Turkey Store Company Owned Farms
Over 200 turkey farms
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Responsible Growing
Pine Hill - Clear Lake, WI
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Total Value-Added Sales
In millions
5 Year Compounded Annual Growth Rate = 7%
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Biggest Loser Make the Switch
Commercials
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• Exports have increased over time
• Export revenue increased 25% in the past 2 years
• Key new markets include…• Africa• China• Dominican Republic• Philippines• Middle East
Jennie-O Turkey Store Exports
1,000 metric tons million U.S. dollars
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Turkey Distribution in West Africa
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(In volume)
Pork Exports
U.S. Pork Exports HFIC Pork ExportsJanuary – March 2013 January – March 2013
Mexico and Central America
3%
South Korea26%
China / HK51%
Taiwan3%
Philippines4%
Japan13%
China / HK19%
South Korea7%
Mexico 26%
Japan21%
Australia3%
Philippines2%
Canada11%
Others8%
Taiwan3%
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Hormel Foods InternationalDelivering Accelerated Growth
Compounded Annual Growth Rate = 11%
Growth Rate = 19%
Revenues Revenues
In millions In millions
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Global Business Partners
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We invested in China more than 15 years ago…
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Hormel China Revenue Growth
Compounded Annual Growth Rate = 18%
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China Strategic Mission
MISSION: Hormel China has a business model focusing on foodservice and retail portfolios.
Foodservice Expansion
ExpandAmbient
FocusRefrigerated
Retail
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Canada $20 million
China $30 million
China Exports $18 million
$95 million
Global SKIPPY® Net Sales
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Shanghai Hormel Foods Company, Ltd.
More than 1,100 employees
Beijing Hormel Foods Company, Ltd. Weifang Plant
Hormel Operations in China
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Our Legacy of Corporate Responsibility
• George A. Hormel and his vision• Operating responsibly• Taking care of our people,
our communities• Jay C. Hormel and profit sharing• Hormel Foundation• Hormel Institute
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• What is Step Up?• A nationally-recognized model for youth
workforce development and mentoring, initiated in 2002 by Minneapolis Mayor RT Rybak, chaired in 2013 by Richard Davis, CEO US Bank.
• Why?• To provide low-income high school juniors in
Austin a paid professional work experience that might not otherwise be available to them.
• How did we partner with Austin and Pacelli High Schools?• Targeted high school juniors who met
qualifying criteria (GPA, income).• Application process, work readiness
training, interviews, mentoring, feedback, coaching, metrics.
Step Up Program Highlights
• Where would the students work?• Various functional areas at Hormel Foods
(R&D, HR, IT, Plant, Ops, Consumer Insights).
• Dates of the program?• June 17th - August 9th (20-30 hours per week).
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Immigration Reform
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Corporate Responsibility Recognition
• G.I. Jobs• CR Magazine’s 100 Best Corporate Citizens• Green Plant of the Year-Progressive Processing• Other Initiatives
• Plant community donations
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Corporate Responsibility Recognition
• G.I. Jobs• CR Magazine’s 100 Best Corporate Citizens• Green Plant of the Year-Progressive Processing• Other awards
• Plant community donations• Project SPAMMY™
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Closing
• Minnesota Agri-Growth participants are vital to the future of feeding the world
• The work you do is extremely important; together we can make a difference