Darling Ingredients pays off $169.7 million of debt in full-year 2016

By Devika Patel

Knoxville, Tenn., March 1 – Darling Ingredients Inc. paid down $61.6 million of debt in the last quarter for a total reduction of $169.7 million in 2016, surpassing its target for the full year of $150 million.

“We paid down an additional $61.6 million of debt in the fourth quarter, year-to-date we paid down $169.7 million ahead of our debt reduction target for 2016 of $150 million,” chief financial officer Patrick Lynch said on the company’s fourth quarter earnings conference call on Wednesday.

“We closed out 2016 with a solid performance across all product lines,” chairman and chief executive officer Randall C. Stuewe said in a press release.

“We executed on our strategy of de-levering and growing, paying down $169.7 million in debt while commissioning four new factories and expanding five others,” Stuewe said in the release.

The company reported adjusted EBITDA of $112.8 million for the quarter, compared to about $106 million of adjusted EBITDA reported for the third quarter.

Darling is an Irving, Texas-based developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients.

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