Boston, MA 05/14/2014 (wallstreetpr) – The meat and food products producer and marketer Hormel Foods Corp (NYSE:HRL) had its shares trending up to a new one-year high Tuesday, on the day that the company confirmed that Spam Museum, the biggest tourist attract in Austin, is on the move to downtown Austin.
The company confirmed Tuesday that plans are underway to build a new museum in downtown, Austin, a move that is also expected to spur business at the downtown. The new museum building could be opened in spring 2016, though the company could retain some offices at the old museum building.
The move to relocate the museum seems to be part of the Vision 2020 plan. However, Hormel Foods Corp (NYSE:HRL) officials at the unveiling of the new project said there will be no negative impact for tourists or customers of the company following the move. In fact, the new museum will in enrich its historical offerings with new exhibits that may not have been there before at the old Spam Museum.
If the new Spam Museum opens in the spring 2016, it will be in good time to coincide with the 125th anniversary of Hormel Foods Corp (NYSE:HRL).
The Tuesday confirmation by Hormel officials about the new plans for Spam Museum puts to an end the rumors that had shrouded the whole thing previously. Until Sunday, the company or the city officials had not clearly come out to confirm or deny the matter, only creating room for more speculations over the relocation.
Hormel Foods Corp (NYSE:HRL) reported its 1Q2014 financial results in February and the company is preparing to release its 2Q2014 financial results on May 21. In the 1Q reporting, the company maintained fiscal 2014 EPS guidance between $2.17 and $2.27, that compares with the consensus estimate of $2.26 according to Thomson Reuters.
With the latest development especially the move of Spam Museum and the earlier declared performance promises, Hormel Foods Corp (NYSE:HRL) is hard at work as it seeks to satisfy both its customers and shareholders.