Irving-based Darling Ingredients has completed the acquisition of Brazil’s largest independent rendering company, FASA Group, the company announced this week in a news release.
As part of the transaction, the sustainable food processing company acquired 14 plants that process more than 1.3 million metric tons annually. Two additional plants are currently under construction.
The acquisition was announced back in May for a purchase price of approximately $2.8 billion Brazilian Real in cash, converting to $542.6 million at today’s exchange rate. The amount is subject to post-closing adjustments and a contingent payment based on future earnings growth.
“Brazil will play a big role in feeding a growing world population, which makes it a premier location to grow our specialty ingredients business,” Randall C. Stuewe, chairman and CEO of Darling Ingredients, said in the release. “FASA is a well-run business, will be immediately accretive and further de-risks the supply chain by providing an additional source of non-food based, low-carbon waste fats to be used in the production of renewable diesel and sustainable aviation fuel.”
Read the full story at Dallas Business Journal.