MIAMI--(BUSINESS WIRE)--Jan. 2, 2013--
World Fuel Services Corporation (NYSE:INT) announced today that it has
completed the previously announced acquisition of select assets of Multi
Service Corporation (“Multi Service”), a global transaction management
company specializing in fleet, government, and commercial payment
programs.
“The Multi Service acquisition will expand our presence in the payment
processing industry as we leverage technology across our platform with
our customers,” stated Michael J. Kasbar, president and chief executive
officer of World Fuel Services Corporation. “We are pleased to be
partnering with the Multi Service team and we welcome them to the World
Fuel organization.”
Multi Service is headquartered in Overland Park, Kansas and has 360
employees. Multi Service, which processes more than eight million
transactions annually, also maintains offices in the Netherlands and
Australia. The Multi Service product offering includes the Multi Service
Fuel Card, accepted at more than 3,500 truck stops in the United States
and Canada, Multi Service Tolls, payment solutions for tolls, bridges
and tunnels across Europe, government payment systems for global fuel
procurement, and commercial payment programs in the transportation and
retail industries.
The transaction is expected to be $0.12 to $0.16 accretive to earnings
on a GAAP basis in the first twelve months. Non-GAAP accretion, which
excludes amortization of acquired intangible assets of approximately
$0.04 per share, is expected to be $0.16 to $0.20 in the first twelve
months. In conjunction with this acquisition, the company will record
one-time transaction-related expenses of approximately $2.8 million in
the fourth quarter of 2012.
Information Relating to Forward-Looking Statements
With the exception of historical information in this news release, this
document includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, quarterly fluctuations in
results, the creditworthiness of customers and counterparties and our
ability to collect accounts receivable, 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 operate, our failure to
effectively hedge certain financial risks associated with the use of
derivatives, non-performance by counterparties or customers on
derivatives contracts, the integration of acquired businesses, uninsured
losses, our ability to retain and attract senior management and other
key employees and other risks detailed from time to time in the
company’s Securities and Exchange Commission filings. Actual results may
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 6,000 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 (FBO’s), 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.
Source: World Fuel Services Corporation
World Fuel Services Corporation
Ira M. Birns, Executive Vice
President & Chief Financial Officer, 305-428-8000
