World Fuel Services Corporation Completes Lakeside Oil Acquisition
July 01 2010 - 5:17PM
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
Lakeside Oil Company, Inc. (“Lakeside”), including the assets
comprising Lakeside’s wholesale motor fuel distribution
business.
“Lakeside further expands our position in the land based fuel
market and we look forward to working closely with the Lakeside
team. We are committed to further expanding our land business as
significant strategic growth opportunities remain,” stated Michael
J. Kasbar, president and chief operating officer of World Fuel
Services Corporation. “This transaction is expected to add $0.06 to
$0.08 to earnings in the first twelve months.”
Lakeside, based in Milwaukee, Wisconsin, with 2009 volume of
approximately 350 million gallons, distributes gasoline and diesel
fuel under long-term contracts to more than 250 retail operators in
Wisconsin and Minnesota and is also a supplier to industrial,
commercial and government customers.
“We are very excited to be partnering with a company that has
the breadth of experience and balance sheet strength of World Fuel.
We are committed to maintaining Lakeside’s strong level of customer
service and relationships with our customers and suppliers,” stated
Bill Elliott, president of Lakeside.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services is a global
leader in the marketing and sale of marine, aviation and land fuel
products, as well as related services. World Fuel Services sells
fuel and delivers services to its clients at more than 6,000
locations in 200 countries, including airports, seaports, tanker
truck loading terminals and other customer storage locations. With
44 strategically located global offices, World Fuel Services offers
its clients 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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