Neste Closes Acquisition of Irish Walco Foods
Oil refining company Neste has completed its acquisition of Irish animal fat trader Walco Foods. The transaction strengthens Neste's global sourcing of renewable raw materials.
Neste Corporation has finalized the acquisition of Walco Foods, an Irish company specializing in the trade of animal fats, which was initially announced in July. This strategic move is expected to bolster Neste's global supply chain for renewable raw materials.
The acquisition aligns with Neste's strategy to expand its use of waste and residue raw materials and to develop new sourcing channels. Animal fats are a critical component in the production of Neste's renewable fuels, and this acquisition enhances the company's access to this key input.
Regulatory authorities have approved the transaction, and the deal is now officially closed. Neste aims to assist its customers in reducing greenhouse gas emissions by at least 20 million tons annually by 2030 through its renewable and circular economy solutions.
Neste is recognized as a global leader in the production of sustainable aviation fuel and renewable diesel. The company has set ambitious targets to transform its Porvoo refinery in Finland into Europe's most sustainable facility by 2030 and achieve carbon-neutral production by 2035.