Darling Ingredients Inc. Announces Off-Take Agreement with Cattlemen's Heritage Beef Company, Planned Expansion of Bellevue, Nebraska, Plant

Rhea-AI Summary

Darling Ingredients Inc. (NYSE: DAR) has announced a strategic agreement with Cattlemen's Heritage Beef Company to purchase off-take from its upcoming 2,000-head per day beef-processing facility in Mills County, Iowa. This partnership aims to strengthen Darling's capacity to supply high-quality protein and increase feedstock for its renewable diesel production. Additionally, the company plans to expand its Bellevue, Nebraska, rendering plant to boost processing capacity. The Mills County facility is projected to generate approximately 800 jobs and an economic impact of up to $8 billion in Iowa over five years.

Positive

• Agreement with Cattlemen's Heritage strengthens Darling's protein supply capabilities.
• Expansion of the Bellevue plant enhances overall processing capacity.
• The Mills County facility is expected to create 800 jobs.
• Projected economic benefit of $8 billion for Iowa over five years.

Negative

• None.

IRVING, Texas, Feb. 14, 2023 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR), the world's leading company turning food waste into sustainable products and producer of renewable energy, today announced that it has entered into an agreement with Cattlemen's Heritage Beef Company to purchase the off-take from its planned 2,000-head per day beef-processing facility in Mills County, Iowa. Darling Ingredients also announced that it intends to expand its nearby Bellevue, Nebraska, rendering plant to increase receiving and processing capacity.

"This agreement further strengthens Darling Ingredients' ability to deliver high-quality protein, as global demand continues to increase, and it will also provide additional feedstock for our renewable diesel production and recently announced investment in sustainable aviation fuel production," said Chairman and CEO Randall C. Stuewe. "As an integral part of the circular economy, we share Cattlemen's Heritage's commitment to sustainability and are proud to be part of this project that will bring significant economic benefits to the Midwest."

"As the world's leading producer of sustainable, organic ingredients and an innovator in a challenging and ever-changing business, Darling Ingredients is absolutely the best choice for us," Cattlemen's Heritage lead developer Chad Tentinger said. "Its front-line people have a solid record as responsible transporters and next-step processors of off-take, and that factored heavily into our decision."

Cattlemen's Heritage Beef Company aims to provide a market for cattle raised by smaller, independent cattle producers. It plans to break ground on its Mills County beef-processing plant in the spring of 2023, with the goal of starting operations before the end of 2024. The Mills County facility is expected to bring around 800 jobs to the area and has a projected economic gain for Iowa of up to $8 billion, over the next five years.

About Darling Ingredients

Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates more than 270 plants in 17 countries and repurposes approximately 15% of the world's meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals, and pet food ingredients. To learn more, visit darlingii.com. Follow us on LinkedIn.

Darling Ingredients Contacts

Investors:	Suann Guthrie
	Senior VP, Investor Relations, Sustainability & Communications
	(469) 214-8202; suann.guthrie@darlingii.com
Media:	Jillian Fleming
	Director, Global Communications
	(972) 541-7115; jillian.fleming@darlingii.com

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SOURCE Darling Ingredients Inc.