Waterford-based Walco Foods to be acquired by Finnish firm

Finnish firm Neste is a refining and marketing company concentrated on producing low-emission, high-quality traffic fuels. 

Waterford-based company, Walco Foods is to be acquired by Finnish firm Neste for an undisclosed sum, subject to regulatory approval.

Located in Tramore, Co Waterford, Walco Foods is a leading Irish animal fat and by-products trading company.

Founded in 1996, the family-run business is owned by Kevin and Mary Walshe.

Finnish firm Neste is a refining and marketing company concentrated on producing low-emission, high-quality traffic fuels. 

“This is another important step for Neste in the execution of our growth strategy. With this acquisition we continue to build a global waste and residue raw material platform and add trading capabilities in Ireland,” said Matti Lehmus, president and chief executive of Neste.

The company was established in 1948 and generates renewable diesel and aviation fuel using waste and residue raw materials. 

The Finnish business posted a turnover of approximately €13bn in the 2021 financial year and reported earnings before interest, taxes, depreciation, and amortisation or Ebitda of €2.7bn.

The acquisition of Walco Foods continues the company's strategy of acquiring other animal fat traders and refinery plants as it seeks to expand.

In recent years, Helsinki-headquartered Neste had announced acquisitions of IH Demeter, Bunge Loders Croklaan and Count Terminal in the Netherlands, and Mahoney Environmental and Agri Trading in the United States.

The acquisition of Walco Foods will allow Neste to add trading capabilities in Ireland and enhance Neste’s supply of global waste and residue raw materials.

Neste is the world's leading producer of renewable diesel and sustainable aviation fuel generated from refined waste, residues and innovative raw materials.

The company produces this fuel using its proprietary NEXBTL technology. The company hopes its waste refinery will create solutions for tackling the challenges of climate change and accelerate a transition towards a circular economy.