In March 2020, Neste announced the acquisition of Mahoney Environmental (Mahoney), a leading collector and recycler of used cooking oil in the United States, and related companies. The acquisition was approved by the regulatory authorities and the transaction was closed.
"The completion of this transaction is an important step in the implementation of our renewable product growth strategy and the strengthening of our global renewable resources platform. It follows on from the acquisition of the Dutch animal fat retailer IH Demeter in 2018. It is with great pleasure that I welcome Mahoney's employees as we work together to create a healthier planet for our children," said Peter Vanacker, President and CEO of Neste.
Neste's raw materials strategy focuses on growth in waste and residual materials and the development of new sources of raw materials. The company is aiming for a 100% share of waste and residual materials by 2025. Mahoney Environmental is an important partner for Neste in achieving this goal because the company already has access to a significant amount of used cooking oil with further growth opportunities throughout North America.
Mahoney stands out from its competitors because of its unique, integrated business model. In addition to the purchase and recycling of used cooking oil, Mahoney offers installation and design of cooking oil equipment, supply of fresh oil, and cleaning of grease traps.
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