Darling Surprises With Griffin Purchase

Debra Fiakas, CFA submits:

Taking investors by surprise, Darling International (DAR) announced its plans to buy Griffin Industries (private), a major cooking oil and food by-products collector in the southeastern region of the U.S., in a deal valued at $840 million. In a conference call with investors, Darling management was nearly effusive as they detailed their rational behind the deal that will propel Darling into the number one position in the country as an independent food by-products recycler and give the company a truly national-scale platform.

Darling expects to close the deal by mid-December 2010, assuming the Justice Department throws no wrench in the works in the review required by Hart-Scott-Rodino.

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