Finland-based Neste's deal to acquire the majority share of Dutch animal fat trader Demeter has been approved by the regulatory authorities and the deal has subsequently been closed, the company said in a statement Monday.
Sign Up Neste has acquired 51% of the shares of IH Demeter B.V. meaning it is now the controlling shareholder.
"This supports Neste's strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness," said Kaisa Hietala, executive vice president of Renewable Products at Neste. "With an efficient European-wide logistical setup, the company is well positioned to serve Neste in delivering future raw material volumes to Neste's renewable product refineries."
Neste's renewable diesel sales in 2017 totaled 2.57 million mt, with the share of waste and residue feedstocks at 76% of this volume; this latest acquisition should enable the company to better source its feedstocks across Europe.
In December Neste said it would increase its capacity in Singapore by another 1 million mt, adding to its global renewable capacity of 2.6 million mt, of which, over 1 million is currently based in Singapore, making Neste one of the largest producers of renewable fuels in the world.
