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Hormel Makes $850 Million Purchase

Hormel makes $850 million dollar deal Photo: MGN Online. Hormel makes $850 million dollar deal

October 31, 2017 08:06 AM

(ABC 6 News) - Hormel Foods Corporation (NYSE: HRL) announced today that it has entered into an agreement to purchase Columbus Manufacturing, Inc., an authentic, premium deli meat and salami company, from Chicago-based Arbor Investments.

The deal was estimated to cost Hormel around $850 Million dollars. A number Hormel predicts they will be able to make back by the end of 2018.

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Hormel's CEO Jim Snee stated that “This acquisition significantly enhances our scale in the deli by broadening our portfolio of products, customers, and consumers. The synergies we can unlock with this acquisition are clear and I’m excited for the next evolution of our company.”

Hormel Foods will provide further comments about this deal during a conference call at 8:00 a.m. CT on Tuesday, October 31, 2017. Access is available at http://www.hormelfoods.com or by dialing 888-378-4439 and using the access code 4931265.


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