World Fuel Services Completes Texor Petroleum Acquisition
June 03 2008 - 7:35AM
Business Wire
World Fuel Services Corporation (NYSE:INT) announced today that its
wholly owned subsidiary, World Fuel Services, Inc., has completed
the previously announced acquisition of select assets of Texor
Petroleum Company (�Texor�), including the assets comprising
Texor�s wholesale motor fuel distribution business. �Texor strongly
enhances our position in the land based fuel market and we look
forward to working closely with the Texor leadership team on the
significant opportunities which lie ahead,� said Michael J. Kasbar,
president and chief operating officer of World Fuel Services
Corporation. �The combination of Texor, our recent global ERP
system implementation and the acquisition of AVCARD, enhances our
scalable ability to manage price, quantity control and logistics
for our land and aviation customers. This is the next logical step
in our ongoing strategy to embed broader value added fuel
management services within our already rich value proposition,�
added Kasbar. Texor is based in Riverside, Illinois and has
approximately 125 employees. Texor, the largest independent motor
fuel marketer in Illinois, is an authorized branded distributor for
Citgo Petroleum Corporation, ConocoPhillips Company, ExxonMobil Oil
Corporation, Marathon Petroleum Company LLC, Shell Oil Company and
Valero Energy Corporation. Texor distributes gasoline and diesel
fuel under long-term contracts to over 250 retail petroleum
operators in northern Illinois and northwest Indiana and is also a
significant supplier to industrial, commercial and government
accounts. �We are very excited to be joining forces with a company
that has the global breadth and depth of World Fuel,� stated Thomas
E. Gleitsman, chairman and chief executive officer of Texor. �This
transaction will significantly enhance our ability to capitalize on
the tremendous growth opportunities in the retail branded petroleum
market,� added Anthony E. Speiser, president of Texor. �In addition
to the strategic benefits of this acquisition, the immediate
accretiveness of this transaction combined with Texor�s solid cash
flow profile and return on capital, demonstrate the significant
economic value of this transaction to World Fuel,� said Ira M.
Birns, executive vice president and chief financial officer of
World Fuel Services Corporation. �We expect this transaction to be
$0.08 to $0.10 accretive to earnings in the first full year,� added
Birns. About World Fuel Services Corporation Headquartered in
Miami, Florida, World Fuel Services Corporation is a global leader
in the marketing and sale of marine, aviation and land fuel
products and related services. World Fuel Services provides fuel
and related services at more than 2,500 airports, seaports and
tanker truck loading terminals in over 190 countries worldwide.
With 43 offices (including satellite offices) strategically located
throughout the world, World Fuel Services offers its customers a
value-added outsource service for the supply, quality control,
logistical support and price risk management of marine, aviation
and land fuel. The Company�s global team of market makers provides
deep domain expertise in all aspects of marine, aviation and land
fuel management. World Fuel�s marine customers include
international container and tanker fleets and time-charter
operators, as well as the United States and foreign governments.
Aviation customers include commercial airlines, cargo carriers and
corporate clientele, as well as the United States and foreign
governments. Land customers are primarily petroleum distributors.
For more information, call 305-428-8000 or visit
http://www.wfscorp.com. Information Relating to Forward-Looking
Statements With the exception of historical information in this
news release, this document includes forward-looking statements
that involve risks and uncertainties, including, but not limited
to, quarterly fluctuations in results, the management of growth,
fluctuations in world oil prices or foreign currency, major changes
in political, economic, regulatory, or environmental conditions,
the loss of key customers, suppliers or key members of senior
management, uninsured losses, competition, credit risk associated
with accounts and notes receivable, and other risks detailed from
time to time in the Company�s Securities and Exchange Commission
filings. Actual results may differ materially from any
forward-looking statements set forth herein.
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