The food manufacturer's stock is on pace for its worst day in more than a decade.
Hormel Foods stock was the worst performer in the S&P 500 after the food manufacturer presented three-year financial targets and reached a new labor agreement.
Hormel Foods was down 9.1% to $32.92 on Thursday, putting it on pace for its largest percent decrease since Oct. 20, 2008, when it dropped 11%, according to Dow Jones Market Data. In an investor day presentation on Thursday, the company said it was aiming for at least $250 million in operating income growth by fiscal 2026. It plans to achieve that through three projected initiatives, which include 5% to 7% growth from its current business, saving at least $200 million through cost-cutting and normalizing its supply chain, and lastly, snapping up at least an additional $25 million from recent mergers and acquisitions and a transformation plan for its Jennie-O Turkey Store.
Separately, the United Food and Commercial Workers International Union said Thursday that members at Hormel Foods locations in Minnesota, Georgia, Wisconsin, and Iowa voted “to ratify a contract that includes the largest wage increase in the company’s history,” which includes hourly wage increases of $3 to $6 an hour, and other benefits.
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