Darling Ingredients and Tessenderlo form collagen JV; Darling 85% stake, ~$1.5B revenue

DARLING INGREDIENTS INC.

Darling will hold 85% equity interest; Tessenderlo 15% in new company NewCo Collagen LLC.
NewCo expected annual revenue ~$1.5B, with ~200,000 metric tons capacity across 22 facilities.
Combines Darling's Rousselot and Tessenderlo's PB Leiner collagen/gelatin businesses; no cash upfront.
Transaction expected to close in 2026, subject to regulatory approvals.
Darling and Tessenderlo signed definitive agreement; JV first announced in May 2025.

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