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Hormel acquires Saag's, declares dividend

Austin MN-based meat company Hormel Foods has acquired Saag's Specialty Meats. Terms of the transaction were not disclosed.

Based in San Leandro CA, Saag's processes refrigerated meats such as lunch meats, sausages and wursts, pates, dry cured meats, smoked hams, beef, turkey breasts, pastrami, and gourmet franks. The company recently renovated its San Leandro plant so it can handle national distribution.

In other news, Hormel's board of directors announced its 41st consecutive annual dividend increase. The annual dividend on the common stock of the corporation was raised to $0.60 per share from $0.56 per share — a 7 percent increase.

Quarterly dividends on the common stock were authorized by the board at the newly established rate of $0.15 a share. The quarterly dividend will be paid Feb 15, 2007, to stockholders of recordn Jan 20, 2007.

The February 15 payment will be the 314th consecutive quarterly dividend paid by the firm. Since becoming a public company in 1928, Hormel has paid a regular quarterly dividend without interruption.

TAGS: Meat
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