World Fuel Services to Acquire Ascent Aviation Group
January 24 2011 - 8:00AM
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 Ascent Aviation Group, Inc.
("Ascent") a leading distributor of aviation fuel and deicing
fluids.
Ascent, based in Parish, New York, supplies aviation fuel and
deicing fluid to more than 450 airports and fixed base operators
throughout North America. Ascent is a national branded reseller of
aviation fuel for ConocoPhillips and is the exclusive third-party
distributor of deicing fluids for Dow in the United States.
"We are pleased to welcome Ascent to World Fuel," stated Michael
J. Kasbar, president and chief operating officer of World Fuel
Services Corporation. "Combined with the recent acquisitions of
Western Petroleum and the Hiller Group, this acquisition further
expands our general aviation business and enhances our product
offering to include deicing fluids."
"We are excited about the opportunities that joining a company
with the financial strength and industry expertise of World Fuel
brings to our business," stated Had Fuller II, chief executive
officer of Ascent.
The transaction, which is expected to be $0.03 to $0.05
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 47 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 www.wfscorp.com.
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