Stressing higher convenience in its product, Hormel Foods Chairman Joel Johnson said the Fortune 500 company is poised for continued growth.

Before Tuesday's packed Knowlton Auditorium audience for the company's annual meeting of stockholders, Johnson pointed out that people in the United States are working more hours than those in any other country in the world.

As a result, there's less time at home to thoroughly prepare meals. Johnson said Hormel Foods has identified this trend and is eyeing a product that takes less time to prepare and serve.

"It's generational," Johnson said, noting Hormel is making products that are more pre-cooked and pre-marinated. "The younger the families, the less time they have."

During the meeting, Johnson addressed statistics that people are running into a time crunch when making meals at home.

"The number of women in the workforce has risen to over 60 percent, and held at that level," Johnson said. "Almost half agree that it is difficult to find time to prepare meals, so they are finding ways to spend less time on cooking. Less than 25 percent spend more than 45 minutes preparing a meal. That is down significantly from just a few years ago."

Johnson said because of the different components that make up Hormel Foods, it was able to still have a stellar economic year.

"We're fortunate to have a diverse portfolio of products," Johnson said. "That doesn't mean every unit draws a record year, but it brings us balance. The diversity of the food line helps.

"It wasn't a blowout year. It was a respectable year in a tough environment."

Johnson also didn't shy away from addressing the September explosion at the plant that injured five workers, and pointed out the company is proactively addressing safety issues to ensure a similar event doesn't occur in the future.

"The first phase of those changes have been made company-wide, with additional fire suppression systems, improved operation of existing metal detection and rerouted gas lines now in place," Johnson said. "More changes are planned for 2003 to add more layers of prevention and protection in areas that have potential hazards."

Toward the end of his speech, Johnson the company is always looking at ways to improve and build on an already successful product.

"By taking the lead in the fresh meat case and in the deli, we will ultimately accomplish what every stockholder would like to see … a company that is growing both sales and margin at the same time."

Dan Fields can be reached at 434-2230 or by e-mail at dan.fields@austindailyherald.com