World Fuel Services to Acquire The Hiller Group
December 16 2010 - 7:30AM
Business Wire
World Fuel Services Corporation (NYSE: INT) announced today that
its wholly-owned subsidiary, World Fuel Services, Inc., has signed
a definitive agreement to acquire The Hiller Group, Inc. and
certain affiliates (“Hiller”), a leading U.S. general aviation fuel
distribution business.
Hiller, based in Tampa, Florida, with volume of more than 120
million gallons, is a leading supplier of aviation fuel to more
than 600 fixed base operators and corporate flight departments.
They also provide a full range of support services such as
marketing, tailored business solutions, freight expertise and
credit card processing.
“It is a pleasure to welcome the Hiller team to World Fuel,”
stated Michael J. Kasbar, president and chief operating officer of
World Fuel Services Corporation. “The addition of Hiller will
further expand our presence in both the branded and unbranded
general aviation fuel distribution businesses.”
“Teaming up with World Fuel will enable us to more effectively
capitalize on the significant growth opportunities in the markets
we serve,” stated Martin H. Hiller, president of Hiller.
The transaction, which is expected to be $0.05 to $0.07
accretive to earnings in the first twelve months, is subject to
customary closing conditions and is expected to be completed within
30 days.
Information Relating to Forward-Looking
Statements
With the exception of historical information in this news
release, this document includes forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are
statements that could be deemed forward-looking statements and may
involve risks and uncertainties. These statements are based on
current expectations of future events. If underlying assumptions
prove inaccurate or unknown risks or uncertainties materialize,
actual results could vary materially from the Company's
expectations and projections. These statements include, without
limitation, statements regarding the consummation of the
transaction, its effects on future earnings or other operating
results, the expected closing date of the transaction, any other
effect or benefit of the transaction, and any other statements that
are not historical facts. These risks and uncertainties include the
ability of the Company to achieve forecasted operating results and
operating benefits currently expected from the proposed transaction
and the timing and receipt of approvals for the transaction. Other
risks and uncertainties, detailed from time to time in the
Company’s Securities and Exchange Commission filings could cause
actual results to differ materially from any forward-looking
statements set forth herein.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services is a
leading global fuel logistics company, principally engaged in the
marketing, sale and distribution of marine, aviation and land fuel
products and related services on a worldwide basis. 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 46 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, cruise lines and
time-charter operators, as well as the United States and foreign
governments. Aviation customers include commercial airlines, cargo
carriers and private aircraft, 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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