Hormel Foods Corporation (NYSE:HRL) Q3 2020 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 10:00 am ET

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Hormel Foods Corporation (NYSE:HRL) Q3 2020 Earnings Conference Call - Final Transcript

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Executive
Jim Snee

pandemic. Since we last updated you in May, our COVID leadership team including operations, quality control, communications, legal, R&D and human resources has continued to enhance and refine our safety practices. These include expanded automated temperature screenings. The addition of more staggered production shifts and increased training on COVID-19 best practices. Our awareness campaign, KEEP COVID OUT, is also helping prevent the spread of the virus in the communities where we live and work, and keep the virus out of our production facilities by outlining the various preventative measures we can all practice in order to stay safe.

We partnered with the CDC to review our efforts related to COVID-19 and how we have implemented guidance from the CDC and OSHA at one of our production facilities. Their review included a multiple day visit to the facility along with surveying employees regarding their knowledge, attitude and practices on COVID-19. I am pleased with our findings, namely that we had implemented virtually all recommended controls to prevent transmission of COVID-19. The survey of our diverse team found that more than 90% of our employees have a comprehensive understanding of prevention techniques and what to do, if they get sick with the virus.

In addition, over 98% of our team members surveyed reported that they wore a facial covering when out in public. These actions are making a difference to stop the spread of COVID-19 in our communities. You have heard me say, Hormel Foods is an uncommon company, and that has never been more true than it is today. Our Inclusion and Diversity Guiding Coalition is an example of a group that has demonstrated our uncommon culture during this difficult time.

As we witnessed the social unrest this summer, we knew we needed to take action as a company. Hormel's Inspired Giving platform is our response to this important cause. As a company that is inclusive in all that we do. We decided to let our team members choose how we should launch our new Inspired Giving program, and I am incredibly proud of the partnerships they selected. This team selected three organizations to make donations to, Minorities in Agriculture, Natural Resources and Related Sciences; the NAACP Legal Defense and Education Fund; and UNCF. These organizations are all helping change the world by tackling equality and education.

Today, we separately announced a milestone effort in our commitment to education. We believe education has the power to change the world and access to educational opportunities can lift up people and communities. Equality and education can be a game changer. And we have decided to take on that challenge. For a new program called Inspired Pathways, we are going to make the dream of a college education available to the children of our team members. When you think about how a college education can change your life and starting a ripple effect that will be felt for generations. That's the change maker Hormel Foods wants to be. We will be finalizing the details