Hormel Foods has merged its Specialty Foods and Grocery Products segments, which will continue to be led by Luis Marconi, group VP of Grocery Products.
The primary focus of the merged segment is to deliver a strong branded portfolio of leading products to the evolving retail environment of food, drug, mass, club and e-commerce, the company said in a release.
"I am confident that the consolidation of these two segments will deliver revenue and cost synergies in all aspects of the business while continuing to deliver industry-leading growth," said Jim Snee, chairman of the board, president and CEO at Austin, Minn.-based Hormel Foods.
The retailer plans to use the Grocery Products segment as a model for strategic management of iconic brands, like the Spam product line and Skippy peanut butter products, while encouraging growth of franchises like Wholly Guacamole dips, Muscle Milk protein products and Justin’s nut butters, Snee added.
The Grocery Products segment has delivered consistent, profitable growth with a focus on category-defining legacy brands, nut butters and multicultural food innovation. Specialty Foods portfolio consists of health and nutrition products including Muscle Milk protein products.
Hormel Foods is a global branded food company with over $9 billion in annual revenues across more than 80 countries worldwide. Its brands include Skippy, Spam, Hormel Natural Choice, Applegate, Justin's, Wholly Guacamole, Hormel Black Label and more than 30 other brands.