Hormel Foods Corporation has released its 18th Global Impact Report, detailing the company’s ESG efforts throughout fiscal 2023. This report marks a continuation of Hormel’s efforts to align with its ESG targets, including the formal validation of its science-based targets for reducing emissions across all scopes.
Hormel Foods, based in Austin, Minnesota, is a global-branded food company known for producing a variety of food and meat products under more than 30 brand names, including Planters, Skippy, and SPAM. The company operates on a global scale, generating over USD $12 billion in annual revenue from its operations across more than 80 countries.
In 2023, Hormel Foods made strides in reducing its environmental impact, achieving a 4.4% reduction in Scope 1 and 2 greenhouse gas emissions. Additionally, the company reduced food loss and waste by 16.2% and cut water usage in its manufacturing operations by nearly 17%. These measures are part of Hormel’s broader strategy to minimize its environmental footprint and align with science-based targets for limiting global temperature rise to 1.5 degrees Celsius.
The company’s commitment to social impact was also evident through its contributions to communities and workforce development. Hormel Foods donated approximately $12 million to charitable organizations, focusing heavily on hunger relief efforts. Furthermore, through its Inspired Pathways program, Hormel provided opportunities for over 200 dependents of US team members to receive a free two-year college education.
Hormel Foods: Beyond environmental sustainability
The report also highlights Hormel Foods’ focus on employee well-being and safety, marking the lowest recordable incident rate in the company’s history — an 18% improvement from the previous year.
Jim Snee, Chairman, President, and CEO of Hormel Foods, emphasized the integral role of responsible business practices in the company’s operations. “Since our founding more than 130 years ago, we’ve been passionate about making a difference. Our Global Impact Report reflects our current position and outlines our goals for the future,” stated Snee.
Hormel Foods also engages in initiatives that support the United Nations Sustainable Development Goals, particularly those focused on responsible consumption and production. Projects like the Hometown Food Security Project exemplify Hormel’s approach to addressing food insecurity while promoting sustainable practices.
Looking ahead, Hormel Foods is committed to continuing its efforts in reducing environmental impacts and enhancing its social contributions. The company aims to maintain its standing as a responsible leader in the food industry, driven by its foundational principles of integrity and innovation.
For further details on Hormel Foods’ ESG efforts and to view the complete 2024 Global Impact Report, visit the company’s official ESG page at http://www.hormelfoods.com/global-impact.
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