World Fuel Services Completes Acquisition of Nordic Camp Supply
March 02 2011 - 8:00AM
Business Wire
World Fuel Services Corporation (NYSE:INT) announced today that,
through a wholly-owned European subsidiary, it has completed the
previously announced acquisition of Nordic Camp Supply ApS ("NCS")
based in Aalborg, Denmark.
"The acquisition of NCS will allow us to leverage our current
business activities and future growth opportunities in the fuel
logistics marketplace," stated Michael J. Kasbar, president and
chief operating officer of World Fuel Services Corporation. "We are
pleased to welcome NCS to World Fuel and look forward to working
with their talented team."
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.
The purchase price for the transaction was approximately $94.6
million, of which $67.6 million was paid in cash and $27 million
was paid in shares of World Fuel Services Corporation common stock.
The base purchase price of $68.5 million was increased by $26.1
million, representing the amount by which NCS net assets exceeded
an agreed upon amount at closing.
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.
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 aviation, marine, 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 48 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 aviation, marine and land fuel.
The Company's global team of market makers provides deep domain
expertise in all aspects of aviation, marine and land fuel
management. Aviation customers include commercial airlines, cargo
carriers and private aircraft, as well as the United States and
foreign governments. 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. 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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