Neste, the world's leading producer of renewable diesel and sustainable kerosene from waste and residual materials, has decided to acquire Mahoney Environmental (Mahoney), a collector and recycler of used cooking oil in the USA, and its associated companies in full. The transaction is subject to customary closing conditions and the approval of relevant authorities.
"This is another important step for Neste in the implementation of our growth strategy. This acquisition gives us access to a significant amount of used cooking oil and at the same time provides us with a platform to expand our raw material supply chain in North America," said Peter Vanacker, President and CEO of Neste.
The transaction supports Neste's efforts to build a global raw material platform for waste and residues that can keep pace with the growing demand for renewable products worldwide. It also improves Neste's competitiveness in the global waste and residual materials raw material market.
Used cooking oil is one of more than ten different raw materials that Neste can use to produce renewable diesel, sustainable aircraft fuel and raw materials for renewable polymers. An extensive raw material base increases Neste's flexibility in supplying different markets and customers. Regardless of the raw material used, the end products are always of premium quality.
Mahoney collects used cooking oil from restaurants, hotels, sports stadiums, and airports. The company pre-treats the oil residues to produce a reliable, sustainable component for the manufacture of renewable products.
"This is an important part of our growth strategy for North America," said Jeremy Baines, President of Neste US Inc. "In addition, we are building new commercial collection facilities, expanding our storage and logistics capacity and distributing renewable aircraft fuel.
Neste is ranked third in the Global 100 Index as the world's most sustainable company. The company's outstanding renewable products help forward-thinking businesses and cities to gradually move away from fossil fuels, reduce their environmental footprint and meet their sustainability goals.
www.neste.com
