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AUSTIN, Minn. -- Hormel Foods Corp. here said it has set a new goal of $2 billion in total sales of products created since 2000 by the year 2012.
The new initiative -- "Go for $2B by 2012" - will build on Hormel Foods' success with an earlier initiative to generate $1 billion in sales from new products launched in this decade, a goal which it reached two years earlier than planned. By the end of fiscal year 2007, Hormel said it rang up sales of $6.2 billion, with more than $1 billion generated from new products.
Jeffrey M. Ettinger, Hormel's chairman, president and c.e.o. said the initial Billion Dollar Challenge was a key component of the company's innovation platform, "and our employees really stepped up to this challenge and delivered excellent results ahead of the timeline given."
Among its more successful new products launches were its party trays, Natural Choice pre-sliced deli meats, Compleats microwave meals, and Jennie-O Turkey Store oven-ready items, the company said.