MIAMI -- World Fuel Services Corp. announced that its wholly-owned subsidiary, World Fuel Services Inc., has signed a definitive agreement to acquire select assets of TGS Petroleum Inc., including the assets comprising TGS' wholesale motor-fuel distribution business.
TGS, based in Chicago, with 2008 volume of more than 100 million gallons, is an authorized branded distributor for CITGO Petroleum Corp. and Marathon Petroleum Co. LLC and a licensee for Clark Brands LLC. TGS distributes gasoline and diesel fuel under long-term contracts to over 160 retail petroleum operators.[image-nocss]
"This acquisition further expands the branded wholesale platform in our land segment," said Michael J. Kasbar, president and chief operating officer of World Fuel Services Corp. "By combining TGS with our existing Texor business, we will expand our presence as the largest independent wholesale motor-fuel distributor in the state of Illinois."
The transaction, which is expected to be $0.03 to $0.05 accretive to earnings in the first 12 months, is subject to customary closing conditions and is expected to be completed within the next 60 days.
Based in Miami, World Fuel Services Corp. is a marketer of marine, aviation and land fuel products and related services.
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