Hormel Foods, the US food group, has signalled its intent to achieve US$2bn from sales of products created this decade by 2012.

Hormel said today (3 March) that it had met its previous target - to generate $1bn in sales from products created since 2000 by 2009 - two years early.

"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," said Hormel chairman, president and CEO Jeffrey Ettinger.

Last week, Hormel opened an innovation centre in China in a bid to develop products to appeal to local consumers.