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Hormel Foods will reorganize to better reflect changes to its product portfolio and operations after acquiring the Planters peanut business from Kraft Heinz last year.
CEO Jim Snee said the changes were also necessary to handle the addition of the, and other modernization efforts.
The current setup comprises Refrigerated Foods, Grocery, Jennie-O Turkey Store, and International/Other.
Beginning October, Hormel’s internal segments will consist of Retail, Foodservice, International, and Brand Fuel.
Retail would include the most well-known Hormel products, such as Skippy peanut butter and Spam processed ham.
Products geared at restaurants, including pizza toppings, will be handled by Foodservice.
The focus of International will be on sales outside of the United States, with China, Indonesia, and Brazil being special priority markets. Meanwhile, Brand Fuel will provide marketing and consumer insights to Retail.
Financial results will be reported under the new segments starting in the first quarter of fiscal 2023.
