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Market fluctuations a drag on results for Dutch meat processor
Tags: Excerpts from the Windmill
EINDHOVEN - More sales did not result in higher profits for the Dutch farmer cooperative-owned, Brabant-based food producer Vion Food Group. The giant meat processor saw its sales increase by seven percent for a total of €9.5 billion in 2011, but its results drop by 53 percent to €90 million. The after tax result was €14 million. Vion’s CEO and Chairman of the Board Uwe Tillmann blamed the group’s poor results on the fluctuations in the market prices for hogs and cattle, making it hard for Vion to absorb higher purchase prices in the price of its products. As a result, Tillmann said, “our financial results in 2011 were disappointing.” Vion, which is owned by farmers’ group ZLTO, remains committed to innovation and will continue to invest in the market. Vion owns several divisions and a range of firms in The Netherlands, Germany, Great Britain, Brazil and elsewhere. Only 4,200 of its 35,000 strong workforce reside in the Netherlands. Vion Ingredients holds a strong global position in the gelatin market which it strengthened recently with the acquisition of Eastman Gelatin and the remaining shares of Rousselot Gelatinas do Brasil.