World Fuel Services to Acquire Nordic Camp Supply
December 20 2010 - 7:30AM
Business Wire
World Fuel Services Corporation (NYSE:INT) announced today that,
through a wholly-owned European subsidiary, it has signed a
definitive agreement to acquire Nordic Camp Supply ApS (“NCS”)
based in Aalborg, Denmark. NCS is a full-service supplier of
aviation, gasoline and diesel fuels and related logistics solutions
supporting NATO, US and other European armed forces operations in
Afghanistan.
“We are excited to welcome such an established and
well-respected team as NCS to World Fuel,” stated Michael J.
Kasbar, president and chief operating officer of World Fuel
Services Corporation. “Their experience in managing fuel logistics
in challenging environments will complement our existing
government-related activities and provide a solid platform for
further growth in the fuel logistics market.”
“We are very pleased to be joining a company with the global
expertise and scale of World Fuel,” stated Michael Fossing, chief
executive officer of NCS. “Combining our fuel logistics
capabilities with the financial strength of World Fuel, will enable
us to satisfy the growing demand for fuel logistics services in the
market today.”
The purchase price for the transaction will be $68.5 million,
which may be increased if NCS net assets exceed an agreed amount at
closing. Up to $10 million of the purchase price and all or a
portion of any increase in the purchase price above $68.5 million
may be paid in the form of World Fuel Services Corporation common
stock, valued based on an agreed trailing average price formula.
The balance of the purchase price will be funded through
cash-on-hand.
The transaction is expected to be $0.09 to $0.11 accretive to
earnings on a GAAP basis in the first twelve months. Non-GAAP
accretion, which excludes amortization of acquired intangible
assets of approximately $0.08 per share, is expected to be $0.17 to
$0.19 in the first twelve months. The transaction is subject to
customary closing conditions and is expected to be completed within
the next thirty 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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