Neste closes Irish Walco Foods acquisition
The transaction has been approved by regulatory authorities and thus it will enable the company to enhance its supply of global waste and residue raw materials.
Last July, Neste announced that it would acquire Walco Foods, an Irish trader of animal fats, to enhance its supply of global waste and residue raw materials. The transaction has recently been approved by regulatory authorities, and thus the deal has been closed.
The company’s raw material strategy is focusing on growth of waste and residues and the development of new raw material sources. The firm has been acquiring other assets to improve their resources such as the purchase of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental and Agri Trading in the United States.
“This is another important step for Neste in the execution of our growth strategy. With this acquisition we continue to build a global waste and residue raw material platform and add trading capabilities in Ireland,” said Matti Lehmus, President and CEO of Neste, back in July.
Walco Foods was established in 1996 as a family-run business, The knowledge and market understanding developed over the years has helped the company become one of the leading animal fat and by-products trading companies in the country.
Neste refines waste, residues and raw materials into renewable fuels and sustainable feedstock for plastics and other materials. This is possible thanks to its proprietary NEXBTL technology – a platform that allows the company to turn a wide variety of renewable waste and residues and oils into premium fuels and other products.
