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Hormel Foods Announces Closing Of Acquisition Of Sadler's Smokehouse

AUSTIN, Minn., March 2, 2020 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL) today announced the closing of its acquisition of Texas-based Sadler's Smokehouse, a maker of premium and authentic pit-smoked meats for retail and foodservice customers.

Hormel Foods corporate logo

Sadler's Smokehouse will continue operations from the Henderson, Texas, facility and will report into the Refrigerated Foods segment of Hormel Foods. Hormel Foods expects this acquisition to be neutral to slightly negative to fiscal 2020 earnings, as the company plans to make immediate investments into the business and production facility.

Hormel Foods was legally advised by Faegre Drinker Biddle & Reath LLP. Hormel Foods did not engage a financial advisor.

Sadler's Smokehouse was legally advised by Beard and Harris and financially advised by UBS Investment Bank.

ABOUT HORMEL FOODS - Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include SKIPPY®SPAM®Hormel® Natural Choice®, Applegate®, Justin's®, Wholly®, Hormel® Black Label®, Columbus® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three straight years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for the 11th year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information based on management's current views and assumptions. Actual events may differ materially. Please refer to the cautionary statement regarding "Forward-Looking Statements" and "Risk Factors" that appears on pages 7-9 and 28 in the company's Form 10-K for the fiscal year ended October 27, 2019, which can be accessed at hormelfoods.com in the "Investors" section.

Contact:
Media
507-434-6352
media@hormel.com

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SOURCE Hormel Foods Corporation