Darling Ingredients 8K This presentation contains forward-looking statements regarding the business | DAR 14 Apr 09

Investor Presentation

April, 2009

NYSE:

DAR

Exhibit 99.1

Forward-Looking Statements

This presentation contains forward-looking statements regarding the business

operations of Darling and the industry in which it operates. These statements are

identified by words such as “may,”

“will,”

“expect,”

“believe,”

“intend,”

“anticipate,”

“should,”

“estimate,”

“continue,”

and other words referring to events to occur in the

future. These statements reflect Darling's current view of future events and are

based on its assessment of, and are subject to, a variety of risks and uncertainties

beyond its control, including business and economic conditions in its existing

markets that could cause actual results to differ materially from those projected in

the forward-looking statements. Other risks and uncertainties regarding Darling,

its business and the industry in which it operates are referenced from time to time

in the Company's filings with the Securities and Exchange Commission. Darling is

under no obligation to (and expressly disclaims any such obligation to) update or

alter its forward-looking statements whether as a result of new information, future

events or otherwise.

Over a century old,

Darling International Inc.

is America’s leading provider

of rendering, recycling and

recovery solutions to the

nation’s food industry.

Founded in 1882

Headquartered in Dallas, TX

1900 employees

Public since 1994

NYSE Listed (DAR)

Largest independent rendering company with 81

locations, 43 processing plants nationwide

Reports under two segments:

–

Rendering

–

Restaurant services

Who we are:

Essential “Gate Keeper”

for People & Planet

Composting

Volume would fill 10,000 new

Dallas Cowboy stadiums per year

Landfill

–

Volume would reduce existing

US landfill space by 25% per year and

increase GHG emissions

Incineration

–

Cost

prohibitive

and

has

air quality issues

Digesting –

Operationally

challenging

and capital intensive

Burial

–

Potential for ground and

surface water contamination

Abandonment

–

Greatest

threat

environment and human/animal health

Without

rendering….

face

critical

issues

using

other

methods

disposal:

Rendering…

invisible industry with massive scale

Animal

and

food

by-product

recycling

industry

“mission

critical”

the food supply chain and is the most efficient and environmentally

sound

disposal

alternative

for

sustainable

society.

Over 59 billion pounds of inedible by-products generated annually

from meat packers, poultry processors and retail food stores.

Source: NRA/Harvard Risk Assessment

The Rendering Industry (U.S. and Canada)

273 facilities in the U.S. and 29 in Canada

$3.5 billion annual revenue

59 billion pounds raw material each year

250 million pounds raw material each day

35 million cattle (49% of live wt. not used for human food)

100 million hogs (44% not used for human food)

8 billion chickens (37% not used for human food)

280 million turkeys (36% not used for human food)

U.S. Animal Agriculture Annual Production

How it All Fits Together

RAW MATERIAL

Tallow

Meat & Bone

Grease

Hides

Leather

Shoes

Garments

Upholstery

Bio-

Fuels

Animal

Feed

Pet

Food

Poultry

Feed

Hog

Food

Animal

Feed

Pet

Food

Bio-

Fuels

Soap

Linoleic

Acid

Oleic

Acid

Glycerin

Stearic

Acid

Fertilizer

Lubricants

Textiles

Plastics

Shampoo

Emulsifiers

Cleaners

Creams

Esters

Paints

Plastics

Lubricants

Inks

Glues

Solvents

Antifreeze

Explosives

Rubber

Plastics

Tires

Lubricants

Finished

Products

Component

By-Products

Component

By-Products

Applications

Industry Leader

Only recycling/rendering company with a national footprint operating in 42 states

–

Network of 43 processing facilities from coast to coast

–

Supported by 38 accumulation centers.

A national footprint with scale ……

Reporting Segments

Rendering

Rendering is the process of recycling animal and food waste products into useful

commercial goods,

including

tallow,

protein

meals

(meat

and

bone

meal),

yellow

grease, and hides.

Restaurant Services

Darling is the only US provider of collection, storage, transport, and recycling of

old grease on a national scale.

Rendering Process

Grinding

Cooking

Defatting

Meal

Fat

Raw

Materials

–

turning

this

…

Offal

Bones and fat

Blood

Animals dead on arrival,

in transit or on farms

Feathers

…

into this

Rendering Overview

Darling operates a fleet of approx 960 trucks to collect raw materials from approx

116,000 food service establishments, butcher shops, grocery stores, and

independent meat and poultry processors nationwide.

“Formula”

basis:

Applied

approx

58%

Darling’s

annual

raw

material

volume; cost is tied to published finished product commodity prices after

deducting a fixed service charge.

“Non-formula”

basis:

Applied

remaining

volume;

suppliers

are

either

paid

fixed price, are not paid, or are charged for the expense of collection, depending

on various economic and competitive factors

Darling markets finished products worldwide.

Primarily BFT and YG, and also MBM, a protein;

Oils used in pet food, animal feed, soaps;

Oleo-chemical producers use oils to produce ingredients for paint,

rubber, paper, concrete, plastics;

MBM is used as high protein additives in pet food and animal feed

Purchase &

Collection

Risk

Management

& Pricing

Marketing,

Sales &

Distribution

Restaurant Services Overview

Basic cooking oil removal (COR) service

–

Collection of used cooking oil from inside systems or

outside corrals

Premium service offered in conjunction with COR

–

Self contained used cooking oil storage system inside or

outside customer’s premises

Grease trap maintenance and cleaning service

–

Operates in 20 markets

–

Customers represent FSEs, malls and industrial food processors

Cooking Oil Removal

Bundled services –

Complete,

individualized used cooking oil collection and

recycling services nationwide through local

providers

Environmental compliance –

Efficient, reliable

pickup and disposal of non-recyclable waste

CleanStar

Environmentally safe and efficient –

Used cooking

oil is pumped directly into sealed, insulated CleanStar

storage tank with press of a button

Customer choice –

Option of inside or outside

storage systems to fit customer needs

Torvac

(Trap)

Ongoing maintenance –

Provides

manpower, equipment and expertise to find

and fix grease trap problems

Compliance –

Removed material is tracked

and handled in a legal and environmentally

sound manner

National Service Center

Darling’s National Service Center (NSC) offers

complete service management for all cooking oil

removal, grease trap and rendering services.

Manages grease and rendering related service needs.

Ensures compliance for trap regulations and ordinances.

24 hr/day, 7 day/week high-quality customer service.

Web-based records management system.

Sales Recap

Operating Cash Flows

57.5

49.9

103.9

133.4

68.3

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

$110

$120

$130

$140

$150

$160

$170

2003

2004

2005

2006

2007

2008

Darling & National By-Products Combined (Proforma)

Darling International Inc. (Post - Acquisition)

(in millions)

Core Business Growth through Acquisition

March

Dec

May

July

Dec

Feb

Aug

Oct

2003

2004

2005

2006

2007

2008

2009

Enviro

Vac,

Inc.

FL, GA

KC metro

NYC metro

So CA

Burrows Industries, Inc.

dba

Minuteman Pumping

Ace Grease

Service

J&R

Rendering, Inc.

Southeastern

Maintenance &

Construction Inc.

National

By-Products, LLC

Boca

Transport, Inc.

Midwest

API Recycling,

div of American

Proteins Inc.

Key Financials

Balance Sheet

FYE 2008

FYE 2007

CASH

$ 51,263

$ 16,768

ACCOUNTS RECEIVABLE

40,424

59,401

INVENTORIES

22,182

22,481

INCOME TAXES REFUNDABLE

11,248

OTHER CURRENT ASSETS

13,352

16,443

TOTAL CURRENT ASSETS

138,469

115,093

PROPERTY, PLANT & EQUIP

143,291

128,685

OTHER

112,615

107,560

TOTAL ASSETS

$ 394,375

$ 351,338

CURRENT

PORTION

DEBT

$ 5,000

$ 6,250

A/P AND ACCRUED EXPENSES

66,023

74,458

TOTAL CURRENT LIABILITIES

71,023

80,708

LONG-TERM DEBT, LESS CURRENT

32,500

37,500

OTHER LIABILITIES

54,274

32,146

TOTAL LIABILITIES

157,797

150,354

STOCKHOLDERS' EQUITY

236,578

200,984

TOTAL LIABILITIES AND EQUITY

$ 394,375

$ 351,338

Darling International Inc. –

Triangle of Value

SUSTAINABILITY

Rendering’s Cycle of

Sustainability

Darling and the rendering industry

have been the gatekeepers of food

safety and the environment for

decades, offering a sanitary and

eco-friendly way to dispose of the

massive amount of meat and food

by-products produced every year.

Municipal

Infrastructure

Recycling Services

Trap

Services

Restaurant Services

Rendering

Restaurants

Meat

processing

Meat

byproducts

Animal

Slaughter

Animal

Production

Biofuel

Feed

ingredients

Feed safety

programs

Animal

health

Green Impact in a Carbon World

Industry Carbon Footprint

•

Recycling

fat

and

protein

significantly

reduces

the

amount

greenhouse

gases,

such as CO2, that is released into the environment as compared to alternative

disposal methods, such as burial, incineration or dumping into already overflowing

landfills.

Item

Average Plant

Industry

equivalents recycled, metric tons/year

233,740

73,807,000

•

For approximately each metric ton of CO2 released by an average rendering plant, more than 11 tons

of CO2

are removed

from the environment through recycling versus other disposal methods.

Greenhouse gas reduction strategy

Average plant

Industry

Number of cars taken off the road per year

42,810

13,517,766

Seedling trees planted per year

5,993,333

1,892,487,177

Tons of garbage diverted from landfills per year

80,600

24,450,690

•

According

the

US-EPA,

the

average

rendering

facility

recycles

each

year

equivalent

the following actions taken to reduce greenhouse gases:

Darling is uniquely positioned

Top producer of animal fats and greases

“Similar to owning the oil field”

Capable of making 150-200 million gallons

Limited food impact (Food vs. Fuel)

RFS will encourage incorporation

Source: National Biodiesel Board.

Bio Diesel vs. Green Diesel

Green Diesel has many advantages

for the petroleum industry

Petro-Diesel

Biodiesel (FAME)

Green Diesel

NOx

Emission

Baseline

+ 10

-10 to 0

Cetane

40-55

50-65

75-90

Cold flow properties

Baseline

Poor

Excellent

Oxidative stability

Baseline

Poor

Excellent

Energy content

Baseline

Lower

Similar

What are the benefits of Green Diesel fuel?

Green diesel is a biofuel

indistinguishable from petroleum diesel; it can be

blended to any proportion

Green diesel can be used in any proportion within today’s infrastructure,

from pipelines and storage to gas pumps and automobiles

Green diesel has excellent stability and is not oxygenated

Green diesel

offers

superior

cold

flow

properties

making

suitable

for

very cold climate conditions

Green diesel has higher energy content per volume compared to biodiesel

The renewable diesel process is feedstock flexible and will

produce green diesel with the same superior quality from a

wide variety of feedstocks, such as vegetable oils, tallow,

animal fats, greases & algae oils

Green diesel offers lower fossil energy requirements and

reduction of green house gases and NOX emissions

Traditional discount of animal fat/used grease to

vegetable oil is based on most animal fats/used grease

being used as a feed product which prices vs. corn

As fat/used grease is diverted from feed to fuel, the

traditional pricing discount for animal fats/used grease

may begin to narrow. How much depends on how much

of the fat used as feed is diverted to fuel

Darling and Tyson plants will utilize 2 billion pounds

Not a Food vs. Fuel Issue

Why This is a Game Changer

2006

2007

2008

3-Yr Average

Per # price of diesel fuel

.27

.30

.45

.34

Per # price of animal fat/used grease

.16

.26

.31

.24

Price premium as fuel before tax credit

.11

.04

.14

.10

Per # value of tax credit

.14

Price premium as fuel after tax credit

.25

.18

.28

.24

Alters supply/demand dynamic of animal fats/used grease

Darling fat is more valuable as diesel fuel than animal feed

Billions of

Annual

Lbs

Demand as animal feed

7.5

Demand as industrial feedstock

2.1

Demand as food ingredient

U.S. Supply/Demand Fat’s and Greases

10.0

Always a discount to vegetable oil

MMs

Annual $

Revenue renewable diesel

417

Revenue tax credits

139

Total revenue

556

Input cost

375

Plant operating cost

Total expenses

414

EBITDA

142

Depreciation

EBIT

136

Taxes

Entity PAT

Darling equity investment

Darling return on equity

86%

Renewable Diesel in 2008

10,000 barrel/day plant costing $200MM

Earnings Snapshot

Green Diesel and the Carbon World

THE CARBON FACTS

-Each gallon of diesel fuel results in 22.2 #’s of carbon emissions

-Carbon reduction associated with animal fat/used cooking oil green diesel between 70%-90%

10,000 BPD PLANT

U.S. ANIMAL FAT

USED GREASE

SUPPLY

Gallons

green

diesel

125,000,000

#’s/gallon

carbon

reduction

Total

#’s

carbon

reduction

2,250,000,000

Metric

tonnes

carbon

credit

1,020,593

Assumed

per

tonne

credit

$35

Available

income

carbon

credits

$25,720,755

Gallons

green

diesel

1.250,000,000

#’s/gallon

carbon

reduction

Total

#’s

carbon

reduction

22,500,000,000

Metric

tonnes

carbon

credit

10,205,933

Assumed

per

tonne

credit

$35

Available

income

carbon

credits

$357.207,655

Value will most likely be created by

RIN’S which will be indexed with

fuels having greater carbon reductions

receiving premium pricing in market

Assumes 80%

Our Concept to enter “Green Diesel”

Business:

Joint venture to construct a 6,800 –

10,000 barrel/ day “Green Diesel Refinery”

Facility to have pre-treatment capability for multi-feedstock flexibility,

but tallow and used cooking oil are primary

Cost to construct –

$150-$200 million

Site location is key

–

Located on major waterway for feedstock flexibility

–

Located on petroleum pipeline distribution system

–

Located on hydrogen supply pipeline system

Deal points we are looking for:

–

50/50 equity participation

–

Supply at market of fats and oils

–

Finished products (Diesel, Naphtha, and Propane) transfer priced

at market to refinery

–

RIN and Carbon Credit stay with facility

The RECYCLING COMPANY of YESTERDAY…

The

CARBON FRIENDLY

FUEL COMPANY

of TOMORROW

Darling Ingredients (DAR) 8-KThis presentation contains forward-looking statements regarding the business