Darling International: to acquire Griffin Industries

Irving / TX. (di) Darling International Inc., a leading provider of rendering, recycling and recovery solutions to the U.S. food industry, announced that its Board of Directors has unanimously approved a merger agreement to acquire Griffin Industries Inc., a leading provider of value-added rendering, bakery feed and cooking oil recycling services in the southeast United States based in Cold Spring, Kentucky, for a combination of cash and stock valued at approximately 840 million USD.

Griffin Industries has 55 locations throughout the southeast United States which include twelve rendering plants, nine bakery by-product plants, and one bio-diesel facility. Griffin Industries employs nearly 1’400 people in 18 U.S. states. An innovative industry leader, Griffin produces products that are synonymous with quality in the pet food, animal feed, industrial/chemical, petroleum, leather and fertilizer industries.

Randall C. Stuewe, Chairman and CEO: «We are truly honored to have the opportunity to combine our two companies. Griffin Industries has built one of the most successful rendering and bakery by-products companies in the United States. Griffin´s long standing tradition of excellent customer service and highly efficient operations will truly enhance our company for today and the future. The combination of our two companies fills out our national footprint and gives us the ability to better serve our customers from coast to coast».

Pursuant to the terms of the agreement, Darling will pay Griffin´s shareholders an aggregate purchase price of 840 million USD, of which 740 million USD is payable in cash and approximately 100 million USD is payable in Darling common stock. Darling anticipates that the transaction, which is subject to customary closing conditions, will close by mid December.

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