CEO of Spam maker Hormel: Our 'food journey' is linked to improving our environmental impact
With about 19,000 employees and 30 factories, Hormel has a wide reach, with products marketed in 80 countries. The meat-producing company has been around for nearly 130 years. Building on that long history, Snee explained, the company's food journey has led to plant-based brands such as Skippy and purpose-driven brands such as Applegate and Justin's. Hormel acquired all three labels within the past seven years.
"This big initiative for us is food forward," he said. "We are a food company, we're incredibly proud to be a food company, and, I mean, we know that there's going to be this constant evolution and we need to be ahead of it because the consumer is changing faster than they ever have." Snee acknowledged that the food manufacturer is facing competition in the plant-based meat alternative space, including notable players Beyond Meat and Impossible Foods.Hormel saw the emerging faux-meat trend way ahead of time, Snee said. Without naming the enterprise, Snee revealed that the company initially had a partnership in the plant-based market but was pushed to build its own product when the firm decided to go it alone in the IPO market.selling plant-based meat products last month.
"There's no arguing the consumer is more curious about plants than they ever have," Snee said. "It's about: How can we grow our business organically, how do we innovate, and how do we continue to make disciplined acquisitions?" Hormel, with $22.3 billion market cap, saw its stock price decline about 2.7%. Shares are down nearly 2% year to date but up around 4.5% over the past 12 months.
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