UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): November 8,
2007
WORLD
FUEL SERVICES CORPORATION
(Exact
name of registrant as specified in its charter)
|
Florida
(State
or other jurisdiction of incorporation)
|
1-9533
(Commission
File Number)
|
59-2459427
(I.R.S.
Employer Identification No.)
|
|
9800
N.W. 41st
Street, Suite 400
Miami
(Address
of principal executive offices)
|
33178
(Zip
Code)
|
Registrant’s
telephone number, including area code: (305)
428-8000
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
[ ]
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
|
Item
7.01. Regulation FD Disclosure
On
November 8, 2007, World Fuel
Services Corporation issued a press release announcing that it has signed
a
definitive agreement to acquire AVCARD, a leading global provider of contract
fuel sales and charge card services to the aviation industry. A copy of the
press release is furnished as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits
|
(d)
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Exhibits
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||
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Exhibit
No.
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Description
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||
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99.1
|
Press
Release dated November 8, 2007.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Date:
November 8, 2007
|
World
Fuel Services Corporation
|
|
/s/
R. Alexander Lake
|
|
|
R.
Alexander Lake
|
|
|
General
Counsel and Corporate Secretary
|
Exhibit
99.1
 |
Contacts:
Ira
M. Birns, Executive Vice President &
Chief
Financial Officer
or
Francis
X. Shea, Executive Vice President &
Chief
Risk and Administrative Officer
(305)
428-8000
|
WORLD
FUEL SERVICES CORPORATION
TO
ACQUIRE AVCARD
---ENHANCES
FUEL OFFERING AND TRANSACTION PROCESSING CAPABILITY---
MIAMI,
FLORIDA – November 8, 2007 – World Fuel Services Corporation (NYSE:INT)
announced today that it has signed a definitive agreement to acquire AVCARD,
a
leading global provider of contract fuel sales and charge card services to
the
aviation industry for a purchase price of approximately $55
million. The purchase price will be funded with cash on hand
(approximately $134 million at September 30, 2007).
“The
acquisition of AVCARD enables us to further expand the breadth of services
offered to our aviation segment customer base and we are pleased to welcome
the
AVCARD team to World Fuel,” stated Paul H. Stebbins, chairman and chief
executive officer of World Fuel Services Corporation.
AVCARD
is
headquartered in Hunt Valley, Maryland and has approximately 60
employees. Over 9,000 aircraft operated by flight departments
of major corporations, fractional/charter operators, and governments throughout
the world, utilize AVCARD to purchase fuel and related products and
services. AVCARD, which maintains a merchant/fuel supplier network of
over 7,600 locations in over 190 countries, is one of the most widely accepted
aviation fuel and service charge cards in the world.
“We
are
delighted about becoming part of an organization with the global size and
strength of World Fuel. This transaction will enable AVCARD to
accelerate the significant growth opportunities ahead,” stated Linda K. Kropp,
president of AVCARD.
The
transaction, which is expected to be accretive in 2008, is subject to customary
closing conditions and is expected to be completed within the next sixty
days.
About
World Fuel Services Corporation
Headquartered
in Miami, Florida, World Fuel Services Corporation is a global leader in
the
marketing and sale of marine, aviation and land fuel products and related
services. World Fuel Services provides fuel and related services at more
than
2,500 airports, seaports and tanker truck loading terminals worldwide. With
43
offices (including satellite offices) strategically located throughout the
world, World Fuel Services offers its customers a value-added outsource service
for the supply, quality control, logistical support and price risk management
of
marine, aviation and land fuel.
WORLD
FUEL
SERVICES CORPORATION REPORTS
WORLD
FUEL
SERVICES CORPORATION TO ACQUIRE AVCARD
Page
2
The
Company’s global team of market makers provides deep domain expertise in all
aspects of marine, aviation and land fuel management. World Fuel Services’
marine customers include international container and tanker fleets and
time-charter operators, as well as the United States and foreign governments.
Aviation customers include commercial airlines, cargo carriers and corporate
clientele, as well as the United States and foreign governments. Land customers
are primarily petroleum distributors. For more information, call (305) 428-8000
or visit http://www.wfscorp.com.
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 management of growth,
fluctuations in world oil prices or foreign currency, major changes in
political, economic, regulatory, or environmental conditions, the loss of
key
customers, suppliers or key members of senior management, uninsured losses,
competition, credit risk associated with accounts and notes receivable, 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.
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