World Fuel Services Completes Acquisition of Ascent Aviation Group
April 04 2011 - 8:00AM
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 Ascent Aviation
Group, Inc. ("Ascent") a leading distributor of aviation fuel and
deicing fluids.
"The acquisition of Ascent further strengthens our platform in
the general aviation fuel distribution business and expands our
product offering," stated Michael J. Kasbar, president and chief
operating officer of World Fuel Services Corporation. "We are
pleased to welcome Ascent to the World Fuel organization and are
looking forward to working with their talented team."
Ascent, based in Parish, New York, supplies aviation fuel and
deicing fluid to more than 450 airports and fixed base operators
(“FBO’s”) 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 Chemical in the
United States.
The transaction is expected to be $0.03 to $0.05 accretive to
earnings 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 and territories, 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 marine, aviation 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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