Company: Hormel Foods Corporation, Austin, MN
Entry Submitted By: Burson-Marsteller
Company Description: Based in Austin, Minnesota, Hormel Foods Corporation is a multinational manufacturer and marketer of high-quality, brand-name food and meat products for consumers throughout the world. The company offers a wide variety of products including hams, bacon, sausages, franks, canned luncheon meats, stews, chilis, hash, meat spreads, shelf-stable microwaveable entrees and salsas.
Nomination Category: Company Categories
Nomination Sub Category: Most Innovative Company of the Year

Nomination Title: Hormel Foods: Thinking outside the can

Tell the story about what this nominated company achieved since January 1 2008 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Throughout its 117-year history, innovation has been a key factor to Hormel
Foods’ success. Founder George A. Hormel built his business on the
mantra, “Originate, don’t imitate,” and this mindset remains with 19,000 Hormel
Foods employees today.

Hormel Foods boasts a diversified portfolio of 34 unique brands that are either
number one or two in their category. Hormel Foods attributes this success to
their:
•             Ability to identify opportunities in the marketplace;
•             Understanding of consumer and customer needs; and
•             Consistent execution of forward-thinking ideas.

Ability to Identify Opportunities in the Marketplace
For the past several years, Hormel Foods has enjoyed great success within the
convenience meals segment. In 2008, it further capitalized on consumer demand
for microwavable meals by creating more convenient ways for consumers to enjoy
their favorite Hormel Foods products.

During 2008, Hormel Foods launched three successful product lines and
extensions, including HORMEL® Chili Meals™ (new product - February), Dinty
Moore® Big Bowls (new product - April) and HORMEL® Compleats™ (new line -
June). All of these product lines are ultra-convenient meal solutions, meaning
they are microwave-ready and require less than two minutes of cooking time.

By leveraging some of the company’s most popular blue-chip brands in innovative
ways, Hormel Foods took advantage of a key opportunity in the marketplace and
ensured its products are even more relevant and attractive for today’s
consumers.

Understanding of Consumer and Customer Needs
Although Hormel Foods’ ultimate goal is to provide delicious, affordable meals
to consumers, the company also seeks to be a trusted partner for its customers
(retailers).

In an effort to provide value-added insights to its retail partners around one
of the fastest growing segments and improve their own understanding of
convenience shoppers, during 2008, Hormel Foods launched a study to learn how
consumers shop for and define convenience foods.

The research study found that retailers can better serve shoppers by creating a
dedicated convenience meals aisle where the full range of quick and easy
products can be found, rather than having convenience items scattered
throughout the store. In response to these findings, Hormel Foods created a
white paper offering retailers advice for capitalizing on these trends and
optimizing their center store. Already, multiple retailers have implemented
recommendations from Hormel Foods, and several more are expected to do so in
the coming months.

Consistent Execution of Forward-Thinking Ideas
To inspire employees to continue George A. Hormel’s legacy of innovation,
Hormel Foods’ executive team created the “Billion Dollar Challenge” in 2000 to
generate $1 billion in sales from new products launched during this decade by
the end of FY 2009. Impressively, the company met this goal two years early.
With this milestone accomplished, Hormel Foods announced a new goal, “Go for 2B
by 2012,” aimed at generating $2 billion in sales of new products by FY 2012.
By fostering an environment of innovation and encouraging employees to
think “outside the can,” Hormel Foods has been able to grow its brands and its
bottom line.

List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

http://www.hormelfoods.com/newsroom/download/default.aspx
http://www.hormelfoods.com/newsroom/press/20090310.aspx
http://www.hormelfoods.com/newsroom/press/20080303a.aspx
http://tiny.cc/G2fyE   

Provide a brief (up to 100 words) biography about the leader of this nominated company:

Jeffrey M. Ettinger, chairman of the board, president and chief executive
office at Hormel Foods Corporation, oversees all functions and operations for
the $5.75 billion multinational business. Ettinger began his career with Hormel
Foods in 1989 as a corporate attorney, and worked his way up, being promoted
incrementally though 2005 when he assumed his current titles.

Before joining Hormel Foods, Ettinger was vice president and general counsel
for Comar Marketing in Los Angeles. Ettinger holds a Bachelor of Arts and Juris
Doctorate from the University of California, Los Angeles and attended the
Program for Management Development at Harvard Business School.