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Neste's efforts to build a solid, resilient, and flexible global waste and residue raw material platform that can keep up with the customer's growing demand for renewable products get aided by the transaction.
FREMONT, CA: Neste has agreed to buy out Agri Trading and its affiliates completely. Agri Trading is one of the largest independent renewable waste and residue fat and oil traders in the United States. The deal is subject to customary closing conditions as well as regulatory approval.
"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.
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"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 transforms waste, residues, and novel raw materials into renewable fuels and long-term feedstock for plastics and other materials. It's made possible by the company's proprietary NEXBTL technology. This one-of-a-kind platform converts a wide range of renewable waste, residues, and oils into premium fuels and other products.
Agri Trading, based in Minnesota, was founded in 1977. Throughout the lower 48 states, Canada, Mexico, and Europe, it has established itself as a market leader in trading animal fat waste, used cooking oil, technical corn oil, and other vegetable oils. In addition, the firm manages all aspects of transportation, logistics, transloading, and export services, ensuring on-time pick-up and delivery.
Neste's efforts to build a solid, resilient, and flexible global waste and residue raw material platform that can keep up with the customer's growing demand for renewable products get aided by the transaction. Agri Trading, along with previously announced acquisitions of IH Demeter, Mahoney Environmental in the United States, and Bunge LodersCroklaan, Count Terminal in the Netherlands, will boost Neste's competitiveness in the global waste and residue raw material market.
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