IRVING, Texas, Sept. 19, 2017 /PRNewswire/ -- Darling
Ingredients Inc. (NYSE: DAR) today announced a temporary work
stoppage due to a fire incident at its Rendac production plant on
Wednesday afternoon, September 13,
2017, located in Son, The
Netherlands. As a result of this fire, part of the
production process at the Son facility is non-operational and is
expected to be down for approximately 2 to 3 weeks. Until that
time, substantially all tonnage will be diverted to other
Company-owned assets. While in the long-term, the Company
ultimately expects to largely recover its losses from property and
business interruption insurance, in the near term the Company
expects a negative impact to EBITDA (earnings before interest,
taxes, depreciation and amortization) of up to $4.5 million in the third quarter of 2017.
Darling Ingredients Chairman and Chief Executive Officer
Randall Stuewe said, "We will do
everything possible to minimize potential inconveniences for our
suppliers and plan to keep them informed about developments." Mr.
Stuewe continued, "We are fortunate to report no injuries were
incurred and the fire was contained to only the Rendac operation at
this location."
ABOUT DARLING
Darling Ingredients Inc. is the world's largest publicly-traded
developer and producer of sustainable natural ingredients from
edible and inedible bio-nutrients, creating a wide range of
ingredients and specialty products for customers in the food, pet
food, pharmaceutical, feed, industrial, fuel, bioenergy, and
fertilizer industries. With operations on five continents,
the Company collects and transforms all aspects of animal
by-product streams into broadly used and specialty ingredients,
such as gelatin, edible fats, feed-grade fats, animal proteins and
meals, plasma, pet food ingredients, organic fertilizers, yellow
grease, fuel feedstocks, green energy, natural casings and
hides. The Company also recovers and converts used cooking
oil and commercial bakery residuals into valuable feed and fuel
ingredients. In addition, the Company provides grease trap
services to food service establishments, environmental services to
food processors and sells restaurant cooking oil delivery and
collection equipment. For additional information, visit the
Company's website at http://ir.darlingii.com.
Cautionary Statements Regarding Forward-Looking Information:
{This media release contains "forward-looking" statements
regarding the business operations and prospects of Darling
Ingredients Inc., including its Diamond
Green Diesel joint venture, and industry factors affecting
it. These statements are identified by words such as "believe,"
"anticipate," "expect," "estimate," "intend," "could," "may,"
"will," "should," "planned," "potential," "continue," "momentum,"
"assumption," and other words referring to events that may occur in
the future. These statements reflect Darling Ingredient's
current view of future events and are based on its assessment of,
and are subject to, a variety of risks and uncertainties beyond its
control, each of which could cause actual results to differ
materially from those indicated in the forward-looking
statements. These factors include, among others, existing and
unknown future limitations on the ability of the Company's direct
and indirect subsidiaries to make their cash flow available to the
Company for payments on the Company's indebtedness or other
purposes; global demands for bio-fuels and grain and oilseed
commodities, which have exhibited volatility, and can impact the
cost of feed for cattle, hogs and poultry, thus affecting available
rendering feedstock and selling prices for the Company's products;
reductions in raw material volumes available to the Company due to
weak margins in the meat production industry as a result of higher
feed costs, reduced consumer demand or other factors, reduced
volume from food service establishments, or otherwise; reduced
demand for animal feed; reduced finished product prices, including
a decline in fat and used cooking oil finished product prices;
changes to worldwide government policies relating to renewable
fuels and greenhouse gas emissions that adversely affect programs
like the Renewable Fuel Standards Program (RFS2), low carbon fuel
standards (LCFS) and tax credits for biofuels both in the Unites
States and abroad; possible product recall resulting from
developments relating to the discovery of unauthorized
adulterations to food or food additives; the occurrence of Bird Flu
including, but not limited to H5N1 flu, bovine spongiform
encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or
other diseases associated with animal origin in the United States or elsewhere; unanticipated
costs and/or reductions in raw material volumes related to the
Company's compliance with the existing or unforeseen new U.S. or
foreign regulations (including, without limitation, China) affecting the industries in which the
Company operates or its value added products (including new or
modified animal feed, Bird Flu, PED or BSE or similar or
unanticipated regulations); risks associated with the renewable
diesel plant in Norco, Louisiana
owned and operated by a joint venture between Darling Ingredients
and Valero Energy Corporation, including possible unanticipated
operating disruptions and issues related to the announced expansion
project; difficulties or a significant disruption in our
information systems or failure to implement new systems and
software successfully, including our ongoing enterprise
resource planning project; risks relating to possible third
party claims of intellectual property infringement; increased
contributions to the Company's pension and benefit plans, including
multiemployer and employer-sponsored defined benefit pension plans
as required by legislation, regulation or other applicable U.S. or
foreign law or resulting from a U.S. mass withdrawal event; bad
debt write-offs; loss of or failure to obtain necessary permits and
registrations; continued or escalated conflict in the Middle East, North
Korea, Ukraine or
elsewhere; uncertainty regarding the likely exit of the U.K. from
the European Union; and/or unfavorable export or import markets.
These factors, coupled with volatile prices for natural gas and
diesel fuel, climate conditions, currency exchange fluctuations,
general performance of the U.S. and global economies, disturbances
in world financial, credit, commodities and stock markets, and any
decline in consumer confidence and discretionary spending,
including the inability of consumers and companies to obtain credit
due to lack of liquidity in the financial markets, among others,
could negatively impact the Company's results of operations. Among
other things, future profitability may be affected by the Company's
ability to grow its business, which faces competition from
companies that may have substantially greater resources than the
Company. The Company's announced share repurchase program may be
suspended or discontinued at any time and purchases of shares under
the program are subject to market conditions and other factors,
which are likely to change from time to time. Other risks and
uncertainties regarding Darling Ingredients Inc., its business and
the industries in which it operates are referenced from time to
time in the Company's filings with the Securities and Exchange
Commission. Darling Ingredients Inc. is under no obligation
to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements whether as a result of new
information, future events or otherwise.}
For More
Information, contact:
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Melissa A. Gaither,
VP Investor Relations and
Global Communications
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251 O'Connor Ridge
Blvd., Suite 300
Irving, Texas 75038
Phone: 972-717-0300
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