Darling Ingredients Inc.: Update to Discussion of Credit Factors
Our credit view of this issuer reflects its relatively stable demand for recycled / rendered products and its good diversification, against its raw material supply risks.Darling Ingredients is a global developer and producer of natural ingredients from edible and inedible bio-nutrients. The company's segments include: Feed Ingredients, which includes the collection and processing of beef, poultry and pork animal by-products in North America and Europe into non-food grade oils and protein meals; Food Ingredients, which includes the purchase and processing of beef and pork bone chips, beef hides, pig skins, and fish skins into collagen in Europe, China, South America and North America; and Fuel Ingredients, which converts animal fats, recycled greases, used cooking oil, inedible corn oil, soybean oil, or other feedstocks into renewable diesel.
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