Hormel Foods Corporation has announced an ambitious new goal: “Go for $2B by 2012”. Its aim is to achieve $2 billion in total sales of products created since 2000 by the year 2012. Hormel Foods is one of the US's largest manufacturers and marketers of consumer-branded meat and food products and this new goal extends its Billion Dollar Challenge set two years ago. The challenge then was to generate $1 billion in sales from new products launched between 2000 and 2009. It had already met this challenge by the end of fiscal 2007.

“Our focus on innovation has led to some of the most creative, value-added products in the market today,” said Jeffrey M. Ettinger, chairman, president and chief executive officer of Hormel Foods. “We believe we are the industry leader in value-added protein because of our ability to innovate, our understanding of consumer and customer needs, and commitment to quality,” he said.

“The 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.”

The company is also driving innovation in China with the opening of an Idea and Innovation Center.  The new centre, which is adjoined to Hormel Foods processing facility in the Baoshan District of Shanghai, will create innovative new products for Chinese consumers.

"This new facility represents the future of Hormel Foods, combining local expertise and a heritage of innovation," said Ettinger. "Our local meat experts will work closely with our research and development team in the United States as they lead this facility and guide the innovative process."
Richard A. Bross, president, Hormel Foods International Corporation, said, "As we continue to grow internationally, it is essential we adapt to changing local tastes, cultures and lifestyles".

Hormel Foods has established a significant presence in Asia with business ventures in China, the Philippines, South Korea, Japan, and most recently, in Vietnam.

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