Darling Ingredients, Irving-based agri-food reprocessing company, has announced that it will acquire Valley Proteins for $1.1 billion.
The company said in a statement that Darling Ingredients will purchase all shares of Valley Proteins for cash.
Valley Proteins, based in Virginia, has a 70-year history of serving the meat and restaurant industry. It employs 1,900 workers and operates a fleet of 550 vehicles, and is a major source of poultry-based fats and proteins used in biofuels.
Darling Ingredients collects and reuses animal and agricultural ingredients, such as slaughterhouse leftovers and restaurant cooking oil, and turns them into items that are sold back to the market. It produces products that include collagen, edible fats, feed, proteins, animal meals, plasma, pet food ingredients, fuel feedstocks, and green bioenergy.
“In the evolving world of environmental, social and corporate governance and global decarbonization, Valley Proteins will supplement Darling’s global supply of waste fats and greases,” Randall C. Stowe, CEO of Darling Ingredients, said in a statement. “The new supply will now provide Darling with additional low-carbon feedstock to produce renewable diesel and sustainable jet fuel.”
Darling Ingredients operates 200 facilities worldwide and employs 10,000 people.
In recent years, CEO Darling Stuewe has transformed the company from a company focused on animal feed and food ingredients into a company that produces bio-friendly hydrocarbon fuels. The company is part of a joint venture with Valero called Diamond Green Diesel that turns waste grease into a renewable fuel that emits lower emissions than fossil fuels.