Darling International to acquire Griffin Industries
The board of directors at Texas, USA based renderer Darling International has unanimously approved a merger agreement to acquire Griffin Industries (now Dar Pro Solutions), a provider of value-added rendering, bakery feed and cooking oil recycling services.
The acquisition was valued at $840 million in a combination of cash and stock.
Griffin Industries is based in Cold Spring, Kentucky and has 55 locations throughout the southeast United States which include 12 rendering plants, 9 bakery by-product plants, and 1 bio-diesel facility.
Griffin Industries employs nearly 1,400 people in 18 states. The company produces products for the pet food, animal feed, industrial/chemical, petroleum, leather and fertilizer industries.
Pursuant to the terms of the agreement, Darling will pay Griffin's shareholders an aggregate purchase price of $840 million, of which $740 million is payable in cash and approximately $100 million is payable in Darling common stock.
Darling anticipates that the transaction, which is subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino
waiting period, will close by mid December.
About Darling and Griffin
Darling International Inc
. is the largest publicly traded, food processing by-products recycling company in the United States.
The Company recycles used restaurant cooking oil and by-products from the beef, pork and poultry processing industries into useable products such as tallow, feed-grade fats, meat and bone meal and hides.
Founded in 1943 by John and Rosellen Griffin, Griffin Industries (Dar Pro Solutions)
is one of the largest independent, privately owned animal and bakery by-product recycling companies in North America.
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