The Board of Directors of Hormel Foods Corp. (NYSE:HRL) authorized a share repurchase program on January 29, 2013. Under the program, the company will repurchase up to 10,000,000 shares.

The repurchased shares may be retained as treasury stock for use for corporate purposes, or may be retired. The company intends to use surplus cash to fund the program. The repurchases will be accomplished through periodic purchases made in any manner deemed appropriate by the company, with the times, prices, and amounts of such repurchases to be approved by the Chief Executive Officer or by the Chief Financial Officer.

The program will commence after the completion of the prior 2010 program. The program has no expiration date.