Hormel Foods officials have agreed to purchase Lloyd’s Barbeque Company from General Mills who acquired it in 1999, according to a Hormel press release.
“Lloyd’s Barbeque Company is an excellent addition to the Hormel Foods family of consumer brands and fits our growing array of high-quality product offerings sought by today’s busy families,” says Joel Johnson, Hormel Foods' chief executive officer.
Hormel is based in Austin, Minn. Lloyd’s Barbeque has manufacturing operations in St. Paul, Minn., and offers a range of barbecue products including shredded pork, chicken and beef; honey hickory shredded pork and chicken; barbecue pork spareribs; beef backribs and pork babyback ribs.
Johnson notes that the acquisition would be immediately accretive to Hormel Foods. He anticipates expanding the Llyod's brand by capitalizing on Hormel Foods distribution and meat-supply systems.
“Lloyd’s brands have earned strong market share in the retail refrigerated entrée category – a business that Hormel Foods knows well,” Johnson adds. “We believe Lloyd’s will continue to flourish as part of our roster of refrigerated products.
Hormel Foods Corp.