The Board of Directors of Hormel Foods Corporation (NYSE: HRL), Austin, Minn.-based consumer-branded meat and food processing firm, yesterday announced its 35th consecutive annual increase in the dividend rate.

The annual dividend rate on the common stock of the corporation was raised to $.37 per share from $.35 per share. This represents a 5.7 percent increase in the dividend rate.

Quarterly dividends on the common stock were authorized by the Board of Directors at the newly established rate of $.0925 per share. The next quarterly dividend is to be paid February 15, 2001, to stockholders of record January 20, 2001.

The February 15th payment will be the 290th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods has paid a regular quarterly dividend without interruption, a 72-year record only a small group of American companies can claim.

V. Allan Krejci, Vice President of Public Relations of Hormel, 507-437-5345