IRVING, Texas, Nov. 5, 2018 /PRNewswire/ -- Darling
Ingredients Inc. (NYSE: DAR) announced today the approval of the
project to expand the Diamond Green Diesel ("DGD") facility in
Norco, LA, to increase the
facility's production capacity of renewable diesel by an additional
400 million gallons to a total nameplate annual capacity of 675
million gallons. The expansion project will be in the form of
a second, independent parallel plant located next to the existing
facility and will also include a renewable naphtha finishing
facility to produce approximately 50 to 60 million gallons of
renewable naphtha, adding incremental low carbon credit
opportunities to the entire DGD operation. The estimated cost of
the entire project, which will include improved logistics
capabilities, is $1.1 billion. This
capital cost is expected to be funded from cash generated by DGD's
operations. DGD is a joint venture between subsidiaries of Valero
Energy Corporation (NYSE: VLO) ("Valero") and Darling
Ingredients.
"We are pleased both Boards approved the new investment and plan
to commence construction immediately. Our joint venture with
Valero exemplifies the combined strength and skills of the largest
global independent refiner with the largest low carbon feedstock
supplier in the world," stated Randall C.
Stuewe, Chairman and Chief Executive Officer of Darling
Ingredients Inc.
About Darling
Darling Ingredients Inc. is a global developer and producer of
sustainable natural ingredients from edible and inedible
bio-nutrients, creating a wide range of ingredients and specialty
solutions for customers in the pharmaceutical, food, pet food,
feed, technical, fuel, bioenergy, and fertilizer industries. With
operations on five continents, the Company collects and transforms
all aspects of animal by-product streams into useable 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
recycled oils (used cooking oil and animal fats) into valuable feed
and fuel ingredients, and collects and processes residual bakery
products into feed ingredients. In addition, the Company provides
environmental services, such as grease trap collection and disposal
services to food service establishments. The Company sells its
products domestically and internationally and operates within three
industry segments: Feed Ingredients, Food Ingredients and Fuel
Ingredients. For additional information, visit the Company's
website at http://www.darlingii.com.
About Valero
Valero Energy Corporation, through its subsidiaries, is an
international manufacturer and marketer of transportation fuels and
other petrochemical products. Valero, a Fortune 50 company based in
San Antonio, Texas, with
approximately 10,000 employees, is an independent petroleum
refiner and ethanol producer, and its assets include
15 petroleum refineries with a combined throughput capacity of
approximately 3.1 million barrels per day and 11 ethanol
plants with a combined production capacity of 1.45 billion
gallons per year. The petroleum refineries are located in
the United States (U.S.),
Canada and the United Kingdom (U.K.), and the ethanol plants
are located in the Mid-Continent region of the U.S. In
addition, Valero owns the 2 percent general partner interest and a
majority limited partner interest in Valero Energy Partners LP, a
midstream master limited partnership. Valero sells its
products in both the wholesale rack and bulk markets, and
approximately 7,400 outlets carry Valero's brand names in the
U.S., Canada, the U.K. and
Ireland. Please visit www.valero.com for more
information.
Darling
Ingredients contact
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|
|
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Melissa A. Gaither,
VP IR and Global Communications
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Email :
mgaither@darlingii.com
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251 O'Connor Ridge
Blvd., Suite 300, Irving, Texas 75038
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Phone :
972-281-4478
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Valero
contacts
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Investors:
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John Locke, Vice
President – Investor Relations, 210-345-3077
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Karen Ngo, Senior
Manager – Investor Relations, 210-345-4574
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Tom Mahrer, Manager –
Investor Relations, 210-345-1953
|
Media:
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Lillian Riojas,
Director – Media Relations and Communications,
210-345-5002
|
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 (DGD) 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, 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; and risks associated
with the DGD renewable diesel plant in Norco, Louisiana, including possible
unanticipated operating disruptions and issues related to the
announced expansion project. 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.}