World Fuel Services Completes TGS Petroleum Acquisition
April 02 2009 - 9:21AM
Business Wire
World Fuel Services Corporation (NYSE:INT) announced today that
it has completed the previously announced acquisition of select
assets of TGS Petroleum, Inc. (�TGS�).
TGS, based in Chicago, Illinois, with 2008 volume of over 100
million gallons, is an authorized branded distributor for CITGO
Petroleum Corporation and Marathon Petroleum Company, LLC and a
licensee for Clark Brands, LLC. TGS distributes gasoline and diesel
fuel under long-term contracts to over 160 retail petroleum
operators.
�The TGS acquisition is another step in our strategy to expand
our presence in the branded wholesale distribution business. The
integration of TGS into our land segment will create immediate
synergies and expands upon our presence as the largest independent
wholesale motor fuel distributor in the state of Illinois,� stated
Michael J. Kasbar, president and chief operating officer of World
Fuel Services Corporation.
This transaction is expected to be $0.03 to $0.05 accretive to
earnings in the first full year.
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 creditworthiness of
customers and counterparties and our ability to collect accounts
receivable and settle derivatives contracts, fluctuations in world
oil prices or foreign currency, changes in political, economic,
regulatory, or environmental conditions, adverse conditions in the
markets or industries in which we or our customers operate, our
failure to effectively hedge certain financial risks associated
with the use of derivatives, non-performance by counterparties or
customers on derivatives contracts, the integration of acquired
businesses, uninsured losses, our ability to retain and attract
senior management and other key employees 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.
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 6,000 locations
including airports, seaports, tanker truck loading terminals and
other customer storage locations in over 190 countries around the
world. With 44 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 Services� 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 include petroleum distributors, retail
petroleum operators, and industrial, commercial and government
accounts. For more information, call (305) 428-8000 or visit
http://www.wfscorp.com.
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