IRVING, Texas, Feb. 25, 2020 /PRNewswire/ -- Darling
Ingredients Inc. (NYSE:DAR) today announced that its joint
venture with Valero Energy Corporation, Diamond Green Diesel ("DGD"), has entered into a
long-term lease agreement with IMTT. The agreement will allow DGD
access and use of the St. Rose IMTT Terminal as a logistics hub for
DGD's existing and expanding renewable diesel facility located in
Norco, LA. IMTT will, pursuant to
the agreement, construct two 5-mile long pipelines connecting its
St. Rose, LA terminal with the DGD
Norco, LA renewable diesel
facility. IMTT will also repurpose approximately 790,000 barrels of
existing storage capacity from heavy and residual petroleum service
to storage of renewable diesel feedstock and finished product as a
part of the project. The pipeline build and the storage capacity
transition are expected to be in service prior to the end of 2021,
coinciding with the anticipated startup of DGD's current
400-million-gallon expansion project.
"We are extremely pleased to be working with IMTT. What is so
often overlooked when discussing the critical success components of
renewable diesel economics is the supply chain, which is both
complicated and costly to manage," said John Bullock, EVP, Chief Strategy Officer for
Darling Ingredients. "Having a world-class terminal like IMTT St.
Rose accessible by pipeline with the capability to receive
feedstocks and ship product via multiple modes of transport creates
a significant competitive advantage for us. DGD has been a leader
in the industry and developing a sophisticated and flexible supply
chain is a continuation of our leadership position. We would not be
in this business without a thorough plan that provides for
flexibility in raw material sourcing and finished product
marketing. This agreement places us in a position to economically
source renewable diesel feedstock while allowing us to supply the
best markets for our renewable diesel and naphtha."
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 and to
review the Company's Environmental, Social and Governance (ESG)
Factsheet at
http://www.commitment.darlingii.com/metrics/esgfactsheet.
About IMTT
IMTT, International-Matex Tank Terminals (IMTT) is headquartered
in New Orleans, Louisiana and is
an industry leader in the handling and storage of bulk liquid
products through its ownership and operation of 19 terminals
throughout North America. The
terminals handle petroleum, biofuels, commodity/specialty
chemicals, and vegetable/tropical oil products for customers
including refiners, commodities traders and chemical manufacturers
and distributers.
Darling Ingredients contacts
Investors:
James Stark, Vice President Investor
Relations Email:
james.stark@darlingii.com Phone:
972-281-4823
Media:
Melissa A. Gaither, VP Global
Communications & Sustainability Email:
mgaither@darlingii.com Phone: 972-281-4478
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," "would,"
"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.}
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SOURCE Darling Ingredients Inc.