"This acquisition significantly enhances our scale in the deli by broadening our portfolio of products, customers and consumers," said Hormel Chief Executive Officer Jim Snee in a statement. "Columbus is capitalizing on one of the fastest-growing areas in the retail grocery store with premium, authentic products that are on-trend with today's consumers who are looking for unique experiences, flavors and products." Hormel Foods said it will provide further commentary on the deal during a conference call at 9 a.m. Eastern. Shares of Hormel were inactive in premarket trade, but are down more than 13% in the year to date. By comparison, the S&P 500 index is up 15% and the Dow Jones Industrial Average is up more than 18%.