World Fuel Services Corporation Completes Acquisition of ExxonMobil On-Airport Fueling Operations in Canada and France
November 01 2016 - 8:00AM
Business Wire
World Fuel Services Corporation (NYSE:INT) announced today that
it has completed the previously announced acquisition of the
aviation fueling operations of certain ExxonMobil affiliates
(“ExxonMobil”) at 34 airports in Canada and 2 airports in France.
World Fuel has also become ExxonMobil’s long-term wholesale
distributor for general aviation fuel in Canada.
The remaining airport locations in France, the United Kingdom,
Germany, Italy, Australia and New Zealand are expected to close
later in the fourth quarter of 2016 and into the first quarter of
2017 and are subject to customary regulatory consents and closing
conditions, including securing appropriate third party
consents.
“We are pleased to expand our global aviation network into
airport locations in Canada and France,” said Michael J. Kasbar,
chairman and chief executive officer of World Fuel Services
Corporation. “The closing of these locations, combined with the
existing World Fuel business, will provide customers with a premier
global fueling network across the United States and Canada and in
strategic locations in France.”
“Our strong cash flow profile enabled us to fund this
acquisition with cash-on-hand, leaving our existing liquidity
facilities available to fund organic growth and additional
strategic investments,” said Ira M. Birns, executive vice president
and chief financial officer.
Information Relating to Forward-Looking
Statements
This release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements regarding our expectations about the effect of
the acquisition on our aviation segment, our liquidity, our
expectations about organic growth and strategic investments, and
the timing for closing the remaining locations. These
forward-looking statements are qualified in their entirety by
cautionary statements and risk factor disclosures contained in the
company’s Securities and Exchange Commission (“SEC”) filings,
including the company’s Annual Report on Form 10-K filed with the
SEC on February 16, 2016. Actual results may differ materially from
any forward-looking statements due to risks and uncertainties,
including, but not limited to: our ability to effectively integrate
and derive benefits from the acquisition, our ability to capitalize
on new market opportunities, our ability to obtain required
consents and satisfy closing conditions, potential liabilities,
limited indemnities and the extent of any insurance coverage, the
outcome of pending litigation and other proceedings, the impact of
quarterly fluctuations in results, the creditworthiness of our
customers and counterparties and our ability to collect accounts
receivable, environmental and other risks associated with the
storage, transportation and delivery of petroleum products, our
failure to effectively hedge certain financial risks associated
with the use of derivatives, non-performance by counterparties or
customers on derivatives contracts, loss of, or reduced sales, to a
significant government customer, uninsured losses, the failure of
fuel and other products we sell to meet specifications,
fluctuations in world oil prices or foreign currency, changes in
political, economic, regulatory, or environmental conditions,
adverse conditions in the markets or industries in which we or our
customers and suppliers operate, the impact of natural disasters,
adverse results in legal disputes, unanticipated tax liabilities,
our ability to retain and attract senior management and other key
employees and other risks detailed from time to time in the
company’s SEC filings. New risks emerge from time to time and it is
not possible for management to predict all such risk factors or to
assess the impact of such risks on our business. Accordingly, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
changes in expectations, future events, or otherwise.
About World Fuel Services
Corporation
Headquartered in Miami, Florida, World Fuel Services is a global
fuel logistics, transaction management and payment processing
company, principally engaged in the distribution of fuel and
related products and services in the aviation, marine and land
transportation industries. World Fuel Services sells fuel and
delivers services to its clients at more than 8,000 locations in
more than 200 countries and territories worldwide.
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, private aircraft and fixed base operators (FBOs), 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, residential and government accounts. The company also
offers transaction management services which consist of card
payment solutions and merchant processing services to customers in
the aviation, marine and land transportation industries. For more
information, call 305-428-8000 or visit www.wfscorp.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161101005698/en/
World Fuel Services CorporationIra M. Birns,
305-428-8000Executive Vice President & Chief Financial
OfficerorGlenn Klevitz, 305-428-8000Vice President, Assistant
Treasurer
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