Darling Ingredients to acquire Brazilian rendering company FASA Group
Darling Ingredients, a US-based firm that converts food waste into sustainable products, has agreed to acquire Brazilian rendering company FASA Group for a sum of around $560 million.
FASA Group will also be entitled to receive a contingent payment based on its future earnings growth.
The Brazilian rendering company is said to process over 1.3 million metric tons annually. It has 14 rendering plants and two more plants, which are under construction.
FASA Group has a workforce of nearly 2,400 people.
Randall C. Stuewe — Darling Ingredients chairman and CEO said: “Brazil is a leader in global agricultural commodities growth and is expected to take on a bigger role in world’s meat production, making it a premier location for rendering growth.
“FASA will also supplement Darling Ingredient’s global supply of waste fats, making it a leader in the supply of low carbon waste fats and oils in North and South America to be used in the production of renewable diesel.”
The deal, which is subject to customary conditions, is anticipated to close by the end of this year.