Neste to acquire US based Agri Trading to strengthen its renewable raw material trading and sourcing to serve increasing customer demand for renewable and circular solutions
Neste has announced the acquisition of 100% of Agri Trading, a leading independent trader of renewable waste and residue fats and oils in the United States.
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Rhea-AI Summary
Neste has announced the acquisition of 100% of Agri Trading, a leading independent trader of renewable waste and residue fats and oils in the United States. This strategic move aims to enhance Neste's renewable raw material sourcing and strengthen its presence in the U.S. Agri Trading, established in 1977 and based in Minnesota, complements Neste's prior acquisition of Mahoney Environmental. The acquisition is subject to customary closing conditions and regulatory approval.
Positive
- Acquisition enhances Neste's renewable raw material sourcing capabilities.
- Increases competitiveness in the global waste and residue raw material market.
- Strengthens presence in the U.S. market for renewable products.
Negative
- None.
Details
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HELSINKI, Sept. 7, 2021 /PRNewswire/ -- Neste has agreed to acquire
"This agreement supports our renewables growth strategy and further strengthens our global renewable raw material sourcing as well as our footprint in the United States. Agri Trading complements our previous acquisition of Mahoney Environmental in the United States with its wide trading network of renewable raw materials compounded with efficient logistics. I am happy to welcome Agri Trading to be part of Neste's journey in creating a healthier planet for our children," says Neste's President and CEO Peter Vanacker.
"Combating climate change is an urgent priority for the United States, and renewable products are a much needed part of the solution because they enable climate action now," says Jeremy Baines, President, Neste US, Inc. "With this transaction, I am proud to say that Neste is collecting and turning even more locally sourced feedstock into renewable products to power America's transport system, keeping new greenhouse emissions out of the atmosphere and cutting pollution."
Neste refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. This is possible thanks to its proprietary NEXBTL technology - a unique platform that allows the company to turn a wide variety of renewable waste and residues and oils into premium fuels and other products.
Agri Trading is based in Minnesota and was established in 1977. It has become an industry leader in trading animal fat waste, used cooking oil, technical corn oil, and other vegetable oils throughout the lower 48 States, Canada, Mexico, and Europe. The company manages all aspects of transportation, logistics, transloading, and export services, providing on-time pick-up and delivery.
The transaction supports Neste in its efforts to build a solid, resilient and flexible global waste and residue raw material platform that can keep pace with the customer's growing demand for renewable products. Together with previously announced acquisitions of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental in the United States, Agri Trading will also enhance Neste's competitiveness in the global waste and residue raw material market.
Neste Corporation
Susanna Sieppi
Vice President, Communications
Further information: Please contact Neste's media service, tel. +358 50 458 5076, media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).
U.S. Media: Please contact Neste's N.A. communications manager, Theodore Rolfvondenbaumen, for immediate assistance, tel. +1 832 799 7029, theodore.rolfvondenbaumen@neste.com
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