Neste closes on Agri Trading acquisition
Regulatory authorities have approved Neste Corp.’s acquisition of Agri Trading and the deal, first announced in September, has been closed. Minnesota-based Agri Trading is one of the largest independent renewable waste and residue fat and oil traders in the U.S., according to Neste.
“The completion of this transaction is an important step forward in delivering on Neste’s growth strategy in renewables and in strengthening our global renewable raw material platform, building on our acquisition of Mahoney Environmental in the U.S. and IH Demeter, Bunge Loders Croklaan, and Count Terminal in the Netherlands,” said Peter Vanacker, president and CEO of Neste.
According to Neste, Agri Trading is an industry leader in trading animal fat waste, used cooking oil, technical corn oil, and other vegetable oils in North America, and therefore an important partner to the Finland-based renewable diesel producer. “Additionally, Agri Trading’s established logistics networks and assets will enable Neste to source and transport raw material efficiently with a lower carbon footprint and, ultimately, enable Neste to maintain its leadership position in the global raw material market,” Neste stated.