Attached files
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| 8-K - FORM 8K DATED MARCH 18, 2010 - DARLING INGREDIENTS INC. | k8doeloan.htm |
Exhibit
99.1
DARLING
INTERNATIONAL INC. ANNOUNCES
DEPARTMENT
OF ENERGY’S SELECTION OF RENEWABLE
DIESEL
PROJECT FOR DUE DILIGENCE REVIEW
March 18,
2010 – IRVING, TEXAS – Darling International Inc.
(NYSE: DAR) today
announced that the Department of Energy (DOE) has notified Darling and Valero
Energy Corporation that their proposed joint venture project to build a
renewable diesel facility has been selected by the Loan Guarantee Program Office
(LGPO) for due diligence review. Accordingly, Darling and Valero will
engage in communications with the LGPO regarding detailed due diligence, the
negotiation of terms and conditions of a potential loan guarantee and all other
issues necessary for the LGPO to consider the issuance of a conditional
commitment and, potentially, a loan guarantee. Darling and Valero
have applied for and are jointly seeking a loan guarantee for the proposed joint
venture from the DOE under the Energy Policy Act of 2005, which makes $8.5
billion of debt financing guarantees available for projects that employ
innovative energy efficiency, renewable energy and advanced transmission and
distribution technologies. The proposed renewable diesel facility
would be capable of producing over 10,000 barrels/day or 135 million gallons per
year of renewable diesel on a site adjacent to Valero’s St. Charles refinery
near Norco, Louisiana. Although the project has been accepted by the
LGPO for due diligence review, there is no assurance that the project will be
offered a term sheet or approved for a conditional commitment or that the
parties will be able to negotiate a loan agreement on acceptable
terms. Accordingly, Darling can provide no assurance that the joint
venture project will proceed.
Darling
International Inc. is the largest publicly traded, food processing by-products
recycling company in the United States. The Company recycles used restaurant
cooking oil and by-products from the beef, pork and poultry processing
industries into useable products such as tallow, feed-grade fats, meat and bone
meal, and hides. These products are primarily sold to agricultural, leather,
oleo-chemical and bio-diesel manufacturers around the world. In
addition, the Company provides grease trap collection services and sells
equipment to restaurants. For additional information, visit the
Company’s web site at http://www.darlingii.com.
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Valero
Energy Corporation is a Fortune 500 company based in San Antonio with
approximately 21,000 employees. The company owns or operates 15 refineries with
a combined throughput capacity of approximately 2.8 million barrels per day.
Valero is also a leading ethanol producer with 10 ethanol plants in the Midwest
with a combined capacity of 1.1 billion gallons per year, and is one of the
nation's largest retail operators with approximately 5,800 retail and branded
wholesale outlets in the United States, Canada and the Caribbean under the
Valero, Diamond Shamrock, Shamrock, Ultramar and Beacon
brands. Please visit www.valero.com
for more information.
{This
media release contains forward-looking statements regarding the business
operations and prospects of Darling and industry factors affecting it. These
statements are identified by words such as "may," "will," "begin,” "look
forward," "expect," "believe," "intend," "anticipate," "should," "estimate,"
"continue," "momentum," “plans,” “proposed,” “potential,” “contemplate,” and
other words referring to events to occur in the future. These statements reflect
Darling's current view of future events and are based on its assessment of, and
are subject to, a variety of risks and uncertainties beyond its control,
including the continued turmoil existing in world financial, credit, commodities
and stock markets, a decline in consumer confidence and discretionary
spending, the general performance of the U.S. economy, and global demands
for bio-fuels and grain and oilseed commodities, which have exhibited
volatility, and our ability to bring our planned joint venture to construct a
renewable diesel plant with Valero to fruition, each of which could cause actual
results to differ materially from those projected in the forward-looking
statements. Other risks and uncertainties regarding Darling, its business and
the industry in which it operates are referenced from time to time in the
Company's filings with the Securities and Exchange Commission. Darling is
under no obligation to (and expressly disclaims any such obligation to) update
or alter its forward-looking statements whether as a result of new information,
future events or otherwise.}
# # #
CONTACT:
John O. Muse - Executive Vice
President, Finance and Administration
or
Brad Phillips - Treasurer
972-717-0300
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