Neste finalizes acquisition of used cooking oil business in the US
Neste Oyj has completed its acquisition of Crimson Renewable Energy's used cooking oil collection and aggregation business and related assets on the US West Coast.
Espoo – Neste Oyj announced on Friday, January 13, 2023, that it has finalized the acquisition of Crimson Renewable Energy Holdings, LLC's business operations in the United States. The transaction, initially announced in November 2022, significantly strengthens Neste's raw material sourcing for renewable fuels in North America.
The acquisition encompasses shares in SeQuential Environmental Services, LLC, and Pure, LLC, along with a used cooking oil processing plant in Salem, Oregon. This move establishes Neste as a key player in used cooking oil collection and recycling on the US West Coast, covering collection, logistics, and storage operations across California, Oregon, and Washington.
Neste's President and CEO Matti Lehmus stated that the completion of this transaction is a crucial step in the company's strategy for growth in renewable and circular economy solutions. He highlighted that the acquisition enhances Neste's presence and operations in the US, particularly on the West Coast, which is vital for serving its customers and hosts the company's joint venture for renewable diesel production.
The deal bolsters Neste's global raw material sourcing platform and supports its objective to meet the growing worldwide demand for renewable products. The transaction received approval from regulatory authorities before its final closure.