World Fuel Services Completes Western Petroleum Acquisition
World Fuel Services Corporation (NYSE: INT) announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has completed the previously announced acquisition of the capital stock of Western Petroleum Company, including the assets comprising Western's wholesale motor fuel, aviation fuel, propane and lubricants distribution businesses.
“The acquisition of Western builds on our strategy to further expand and strengthen our land-based fuel and general aviation businesses,” stated Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation. “We are excited to welcome Western's talented team to our organization.”
Western, based in Eden Prairie, Minnesota, with 2009 volumes of more than 500 million gallons of gasoline and diesel fuel and approximately 100 million gallons of aviation fuel, is one of the nation's largest independently owned petroleum marketing companies.
The transaction is expected to be $0.13 to $0.15 accretive to earnings in the first twelve months after giving effect to $10 million in common stock issued in connection with the acquisition and the Company's recently completed follow-on equity offering.
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