Darling International completes merger with Griffin
December 20, 2010
by Meat&Poultry Staff
IRVING, Texas – Darling International Inc., a leading provider of rendering, recycling and recovery solutions to the nation's food industry, has completed its merger with Griffin Industries, Cold Spring, Ky., one of the largest independent, privately owned rendering, bakery by-product and used cooking oil recycling companies in North America.
The transaction is valued at approximately $840 million in cash and stock, subject to certain purchase price adjustments. The purchase price consisted of $740 million in cash and 9,998,017 shares of Darling common stock, which approximates 12.1 percent of Darling's outstanding common shares on a fully diluted basis.
"We are pleased to have the opportunity to add Griffin Industries to our company,” said Randall Stuewe, chairman and CEO of Darling. “Together, we will be stronger, more efficient and most importantly have the ability to better serve our customers and suppliers. Our national platform will provide new opportunities for growth. This is truly a win for our shareholders and employees."
Darling International Inc. is the US largest and only publically traded provider of rendering and bakery-waste recycling solutions to the nation's food industry. It recycles beef, pork and poultry waste streams into useable ingredients such as tallow, feed-grade fats, meat and bone meal, poultry meal and hides. The company also recovers and transforms used cooking oil and commercial bakery waste into feed and fuel ingredients.