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Austin, Minn. (AP)

Hormel Foods board approves 2-for-1 stock split

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Hormel Foods Inc. said Monday that its board has approved a 2-for-1 stock split, which would be its first in a decade.

Chairman Jeffrey Ettinger said the split should put the company's stock price "in a more attractive trading range for a number of individual investors."

Hormel's stock closed at $50.65 on Friday. Over the past 52 weeks, shares have traded between $37.40 and $50.66.

The proposed stock split for the maker of Spam and other prepared foods must be approved by Hormel's shareholders and will be voted on at the company's annual meeting on Jan. 31. 2011.

The proposal would boost the number of authorized shares of voting stock to 800 million from 400 million.

Shareholders of record Jan. 31, 2011 will be entitled to receive the split shares. One additional share will be issued to stockholders around Feb. 14. 2011 for each share held Jan. 31, 2011.

Hormel, based in Austin. Minn., reported last month that its fourth-quarter net income climbed on better turkey prices and lower grain costs.

(Copyright 2010 by The Associated Press. All Rights Reserved.)