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.
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.