021007 Hormel Foods Authorizes Share RepurchaseOctober 4, 2002Austin, MN - Hormel Foods Corporation announced that its Board of Directors has authorized a repurchase of up to 10 million shares of its common stock. The repurchase of Hormel Foods Corporation common stock will be accomplished through periodic purchases at prevailing prices on the open market. The repurchased shares may be retained as treasury stock for use for corporate purposes, or may be retired. The company intends to use surplus cash to fund the repurchase program. This new repurchase program follows the company's second repurchase program, which totaled 10 million shares and was authorized in 1998. "We are always assessing strategies to enhance shareholder value, and have substantial capital flexibility to seize opportunities as they arise," said Joel W. Johnson, chairman of the board, president and chief executive officer. "Share repurchase programs are one of these strategies. Given the company's long-term growth prospects and our strong cash and financial positions, the board determined that having the option to invest a portion of the cash in our own stock continues to be a prudent way to deliver increased value to our shareholders."
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