Renewable energy fuels producer Neste has agreed to acquire 51% stake in Dutch animal fat and proteins trader IH Demeter.
Image: Neste headquarters in Espoo. Photo courtesy of J-P Kärnä/Wikipedia.
The acquisition makes Neste the controlling shareholder. The current owners shall remain as co-owners. The transaction is awaiting for and is subject to regulatory approval.
Neste renewable products business executive vice president Kaisa Hietala said: “This is an important step for Neste in our strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness. We are very happy that the owners of IH Demeter B.V. accepted our offer and trust us to develop the business further.
“IH Demeter B.V. has a long history, and a solid track record of cooperating with Neste. With an efficient European-wide logistical setup, the company is well positioned to serve Neste in delivering future raw material volumes to our renewable product refineries.”
IH Demeter official Floris Ebeli said: “We are proud of our raw material sourcing know-how and our capability of managing logistics of animal fats and proteins. The company has a long and successful history in operating as a family owned business. Now, we are happy to join Neste to further build up our business and secure future growth.
The sale and purchase agreement has been signed and parties have agreed that the purchase price will not be disclosed. The new company is planned to be called Neste Demeter B.V..
Source: Company Press Release