Finland-headed Neste Oyj, the world's leading producer of renewable fuels and chemicals has announced that it has completed the acquisition of US-based Mahoney Environmental Inc. (Mahoney), an Environmental Protection Agency (EPA) licensed collector and recycler of used cooking oil (UCO) in the United States, along with its affiliated entities.
In March 2020, Neste announced its intention to acquire Joilet, Illinois-based Mahoney Environmental (Mahoney) subject to approval from relevant regulatory authorities. The acquisition has been approved by regulatory authorities, and the deal has been closed.
The completion of this transaction is an important step forward in delivering on Neste’s growth strategy in renewables and in strengthening our global renewable raw material platform, building on the company’s acquisition of Dutch animal fat trader IH Demeter in 2018. I am happy to welcome Mahoney personnel to our joint journey on creating a healthier planet for our children, said Neste’s President and CEO Peter Vanacker.
Neste’s feedstock strategy is focusing on waste and residues growth and the development of new feedstock sources. The company is targeting 100 percent waste and residues share by 2025. Mahoney Environmental is an important partner for Neste to achieve this goal, as they already have access to a substantial volume of used cooking oil with room to grow across North America.
According to Neste, Mahoney’s unique, integrated business model sets it apart from competitors. Alongside used cooking oil collection and recycling, Mahoney also provides cooking oil equipment installation and design, fresh oil delivery, and grease trap cleaning.