Finland's Neste has agreed to acquire full stake in Irish supplier of animal fats, Walco Foods.
The deal is subject to customary closing conditions and regulatory approvals, the company added.
Matti Lehmus, CEO of Neste, said, "This is an important step in the implementation of Neste's growth strategy. With this acquisition we will continue to strengthen our global sourcing of waste and residual raw materials and increase our sourcing capabilities in Ireland."
In addition to the previous acquisitions of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental and Agri Trading in the US, Walco Foods will step up Neste's global sourcing of waste and residual raw materials.
Founded in 1996, Walco Foods is a family-owned company based in County Waterford and a leading name for animal fats and by-products in Ireland.
Neste processes waste, scraps and innovative raw materials into renewable fuels and responsible raw materials for plastics and other materials.
It relies on its NEXBTL technology to convert a wide range of renewable waste, residues and oils into advanced fuels and other products.
In February of this year, Neste annoucned that it has reduced its customers' greenhouse gas emissions by 10.9 million tonnes in 2021.
The figure represents the average annual carbon footprint of 1.7 million EU citizens, or the equivalent of taking 4.2 million cars off the roads in a year.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.