Friday, November 12, 2010

Griffin Industries Sold for $840 Million

KCFC member Griffin Industries, of Cold Spring, Ky., has agreed to be purchased by Darling International Inc. for $840 million in cash and stock.

The deal, expected to closed by year-end, will create the nation’s largest provider of animal rendering, food recycling and recovery services with annual revenues of $1.1 billion, 3,262 employees and 136 sites across the United States.

The purchase includes $740 million in cash and $100 million in Darling stock, which closed at up 11.9 percent or $1.23 at $11.53, a two-year high.

Randall C. Stuewe, Darling chairman and CEO, said in a statement, "The combination of our two companies fills out our national footprint and gives us the ability to better serve our customers from coast to coast."

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