Vion appoints new member of the supervisory board and announces increase of the financing facility to €125 million for Vion Food

Date: 20-07-2015 Tags:

Boxtel, 20 July 2015 – Vion Food has today announced that with effect from 1 October, Marieke Bax (54) will join the supervisory board. With this appointment Vion’s supervisory board is now complete. In addition, Bank of America Merrill Lynch has joined the banking syndicate which provides a finance facility to Vion.

“Following the announcement of the appointment of Francis Kint as our new CEO, I am happy to be able to welcome a new member of the supervisory board. Marieke Bax is not only a very experienced director but also someone with extensive financial knowledge gained with, among others, the meat division of the Sara Lee Corporation. As chair of the audit committee she will make an important contribution” says Sipko Schat, chairman of the supervisory board.

With the arrival of Bax, the supervisory board will consist of Sipko Schat (chairman), Marieke Bax, Tom Heidman (appointed effective 1 September), Toon van Hoof, Hans Huijbers, Ton van der Laan and Ronald Lotgerink.

Increased financing facility
At the end of 2014 Vion Food was effectively free of debt (liquid assets € 198 million, gross debt € 111 million, delivering a negative net debt of € 87 million). In June of this year, a financing facility of € 100 million was agreed with ABN AMRO Commercial Finance and NIBC, specifically for the financing of working capital. Today, this syndicate has been expanded to include Bank of America Merrill Lynch, providing € 40 million, increasing the financing facility to € 125 million. This further strengthens Vion’s financial base.