Finland-headed oil refiner and renewable fuel producer Neste Oyj and IH Demeter B.V., a Netherlands-headed trader of animal fats and proteins, have agreed that subject to regulatory approval, Neste acquires a 51 percent majority sharing holding and sole control of IH Demeter B.V. The current owners shall remain as co-owners.
This is an important step for Neste in our strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness. We are very happy that the owners of IH Demeter B.V. accepted our offer and trust us to develop the business further. IH Demeter has a long history and a solid track record of cooperating with Neste. With an efficient European-wide logistical setup, the company is well positioned to serve Neste in delivering future raw material volumes to our renewable product refineries, said Kaisa Hietala, Executive Vice President of Renewable Products business area of Neste.
Subject to regulatory approval of the transaction, the new company is planned to be called Neste Demeter B.V. The sale and purchase agreement has been signed, however, the parties have agreed that the purchase price will not be disclosed.
We are proud of our raw material sourcing know-how and our capability of managing logistics of animal fats and proteins. The company has a long and successful history in operating as a family-owned business. Now, we are happy to join Neste to further build up our business and secure future growth, said Floris Ebeli of IH Demeter B.V.