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Darling International Inc.
DAR, a leading provider of rendering, recycling and recovery solutions to the
nation's food industry, today announced that it has entered into a definitive
agreement to acquire all of the assets of Rothsay, a division of Maple Leaf
Foods Inc. for approximately CAD $645 million in cash. Rothsay is the leading
recycler of animal by-products in Canada and provides an essential service for
the efficient and environmentally responsible collecting, processing and
recapturing of edible and inedible by-products. Rothsay processes raw
materials into finished products of fats and proteins. These finished products
are sold in domestic and international markets including the United States,
Europe, Mexico and South America. Rothsay also manufactures biodiesel for
domestic and international markets.
Rothsay has a network of five rendering plants in Manitoba, Ontario and Nova
Scotia and a biodiesel operation in Quebec, Canada. Rothsay employs
approximately 550 people and generated approximately CAD $85.0 million of
EBITDA over each of the past two fiscal years.
Darling expects to finance the transaction through a combination of borrowings
under a new Senior Secured Revolving Credit Facility and Term A Bank Loan
Facility which will be entered into in connection with the closing of the
transaction.
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