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Hormel Foods announces 2-for-1 stock split

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.

What's Hormel's stock doing now? (Get the latest quote here.)

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.

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