New senior appointment at Texon
Texon International Ltd, the world’s largest manufacturer and supplier of shoe materials to the footwear industry has appointed a new chairman and two non-executive Directors.
The newly appointed chairman is Chartered Accountant, Ian Archie Gray, aged 49, who trained with Grant Thornton. He has considerable experience as chairman and CEO with both private and public companies, Texon says, the latest being PNC Telecom Plc. Ian Burgess and Peter Schoels of MatlinPatterson Advisers (
Financial restructuring during November 2002 meant Texon’s existing bond holders subscribed for new equity in the company which replaced £60m of £80m ($96m of $128m) bond debt. As a result, MatlinPatterson, a private equity fund, now owns some 74% of the equity. Barclays has also agreed increased term loan facilities and revolving credit facilities with Texon, these changes will improve Texon’s overall trading position in the years ahead.
