Hormel Foods Wednesday declared a stock split and announced a record annual profit-sharing distribution.

The Austin-based company, coming off a record year for profits, said its profit-sharing pool will be $17.8 million for all eligible hourly and salaried employees.

Also, Hormel’s board authorized a two-for-one stock split, the 10th in the company’s history. Stockholder approval of the split is required at the company’s annual meeting, scheduled for Jan. 26. Stockholders holding shares on that date would be entitled to receive the split shares.

It’s Hormel’s second two-for-one stock split in the last five years. The main effect of a stock split is to make shares more affordable for individual investors.