Diamond Green Diesel Approved for Phase lll Large Scale Expansion With Addition of Renewable Naphtha Production

IRVING, Texas, Nov. 5, 2018 /PRNewswire/ -- Darling Ingredients Inc. (NYSE: DAR) announced today the approval of the project to expand the Diamond Green Diesel ("DGD") facility in Norco, LA, to increase the facility's production capacity of renewable diesel by an additional 400 million gallons to a total nameplate annual capacity of 675 million gallons. The expansion project will be in the form of a second, independent parallel plant located next to the existing facility and will also include a renewable naphtha finishing facility to produce approximately 50 to 60 million gallons of renewable naphtha, adding incremental low carbon credit opportunities to the entire DGD operation. The estimated cost of the entire project, which will include improved logistics capabilities, is $1.1 billion. This capital cost is expected to be funded from cash generated by DGD's operations. DGD is a joint venture between subsidiaries of Valero Energy Corporation (NYSE: VLO) ("Valero") and Darling Ingredients.

"We are pleased both Boards approved the new investment and plan to commence construction immediately. Our joint venture with Valero exemplifies the combined strength and skills of the largest global independent refiner with the largest low carbon feedstock supplier in the world," stated Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc.

About Darling

Darling Ingredients Inc. is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and specialty solutions for customers in the pharmaceutical, food, pet food, feed, technical, fuel, bioenergy, and fertilizer industries. With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as gelatin, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable feed and fuel ingredients, and collects and processes residual bakery products into feed ingredients. In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments. The Company sells its products domestically and internationally and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. For additional information, visit the Company's website at http://www.darlingii.com.