Hormel Foods on Wednesday announced its board of directors authorized a 2-for-1 stock split.
It would be the second stock split in five years and the 10th in the company's 124-year history.
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The move will be considered at the company's annual meeting on Jan. 26.
"This decision acknowledges our track record of providing our shareholders solid long-term returns and demonstrates our confidence that we will continue to grow our sales and earnings in the future," Chairman and CEO said Jeffrey M. Ettinger said in a statement. "In addition, we anticipate this will also put our stock price in a more attractive trading range for a number of individual investors."
The Austin, Minnesota-based food company makes meat and specialty food products such as Spam and Skippy peanut butter.