Neste’s acquisition of US-based company Agri Trading closed
Neste Corporation, Press Release, 2 November 2021 at 4.30 p.m. (EET)
In September 2021, Neste announced that it would acquire Agri Trading, one of the largest independent renewable waste and residue fat and oil traders in the United States. The acquisition has been approved by regulatory authorities, and the deal has been closed.
“The completion of this transaction is an important step forward in delivering on Neste’s growth strategy in renewables and in strengthening our global renewable raw material platform, building on our acquisition of Mahoney Environmental in the US and IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands,” says Neste’s President and CEO Peter Vanacker.
Neste’s raw material strategy is focusing on waste and residues growth and the development of new raw material sources. Agri Trading is an important partner for Neste as an industry leader in trading animal fat waste, used cooking oil, technical corn oil, and other vegetable oils in North America.
Additionally, Agri Trading’s established logistics networks and assets will enable Neste to source and transport raw material efficiently with a lower carbon footprint and, ultimately, enable Neste to maintain its leadership position in the global raw material market.
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Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. As a technologically advanced refiner of high-quality oil products with a commitment to reach carbon-neutral production by 2035, we are also introducing renewable and recycled raw materials such as waste plastic as refinery raw materials. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world’s most sustainable companies. In 2020, Neste's revenue stood at EUR 11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products. Read more: neste.com