Neste closes acquisition of Irish animal-fats trader Walco Foods
Renewable diesel and sustainable aviation fuel (SAF) producer Neste Corp. announced Sept. 1 that its acquisition of Walco Foods, an Irish trader of animal fats, has closed.
The acquisition has been approved by regulatory authorities and the transaction is completed.
Neste first announced its intention to buy Walco Foods in July.
“This is another important step for Neste in the execution of our growth strategy,” said Matti Lehmus, President and CEO of Neste, in July. “With this acquisition, we continue to build a global waste and residue raw material platform and add trading capabilities in Ireland.”
Together with the previously announced acquisitions of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental and Agri Trading in the United States, Walco Foods will enhance Neste’s supply of global waste and residue raw materials.
Walco Foods was established in 1996 as a family-run business. The in-depth knowledge and market understanding developed over the years has helped Walco Foods become a leading animal fat and byproducts trading company in Ireland, according to Neste.
Neste refines waste, residues and other raw materials into renewable fuels and sustainable feedstock for plastics and other materials with its proprietary NEXBTL technology.
“Neste’s raw-material strategy is focusing on growth of waste and residues and the development of new raw material sources,” the company stated in a Sept. 1 press release. “With this acquisition, Neste continues to enhance its global supply of waste and residue raw materials.”
Neste owns and operates biobased diesel production assets in Finland, the Netherlands, Singapore and California (a joint-venture project with Marathon Petroleum).