The board of US branded food and meat manufacturer Hormel Foods has authorised the repurchase of ten million shares of its common stock.

The repurchase of the common stock will be accomplished through periodic purchases at prevailing prices on the open market, the company said. 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 repurchase programme. This new repurchase programme follows the company’s second repurchase programme, which totalled ten million shares and was authorised in 1998.