Hormel Foods says that its board has approved a 2-for1 stock split, which would be its first in a decade.

Chairman Jeffrey Ettinger says the split should put its stock price "in a more attractive trading range for a number of individual investors."

Hormel's stock closed at $50.65 on Friday.

The proposed stock split for the maker of Spam and other prepared foods must be approved by Hormel's shareholders and will be voted on at the company's annual meeting on Jan. 31. 2011.

Hormel, based in Austin. Minn., reported last month that its fourth-quarter net income climbed on better turkey prices and lower grain costs.