MIAMI--(BUSINESS WIRE)--Nov. 1, 2016--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101005698/en/
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, 305-428-8000
Executive
Vice President & Chief Financial Officer
or
Glenn Klevitz,
305-428-8000
Vice President, Assistant Treasurer
