MIAMI -- World Fuel Services Corp. said yesterday that its wholly owned subsidiary, World Fuel Services Inc., has completed the previously announced acquisition of select assets of Texor Petroleum Co., including the assets comprising Texor's wholesale motor fuel distribution business.
"Texor strongly enhances our position in the land based fuel market and we look forward to working closely with the Texor leadership team on the significant opportunities which lie ahead," said Michael J. Kasbar, president and COO of World Fuel Services. "The combination of Texor, our recent global ERP system [image-nocss] implementation and the acquisition of AVCARD, enhances our scalable ability to manage price, quantity control and logistics for our land and aviation customers. This is the next logical step in our ongoing strategy to embed broader value added fuel management services within our already rich value proposition."
Texor is based in Riverside, Ill., and has approximately 125 employees. Texor, the largest independent motor fuel marketer in Illinois, is an authorized branded distributor for CITGO Petroleum Corp., ConocoPhillips Co., ExxonMobil Oil Corp., Marathon Petroleum Co. LLC, Shell Oil Co. and Valero Energy Corp. Texor distributes gasoline and diesel fuel under long-term contracts to more than 250 retail petroleum operators in northern Illinois and northwest Indiana and is also a significant supplier to industrial, commercial and government accounts.
"This transaction will significantly enhance our ability to capitalize on the tremendous growth opportunities in the retail branded petroleum market," said Anthony E. Speiser, president of Texor.
"In addition to the strategic benefits of this acquisition, the immediate accretiveness of this transaction combined with Texor's solid cash flow profile and return on capital, demonstrate the significant economic value of this transaction to World Fuel," said Ira M. Birns, executive vice president and CFO of World Fuel Services. "We expect this transaction to be 8 cents to 10 cents accretive to earnings in the first full year."
Based in Miami, World Fuel Services is a global leader in the marketing and sale of marine, aviation and land fuel products and related services. It provides fuel and related services at more than 2,500 airports, seaports and tanker truck loading terminals in more than 190 countries worldwide.
Click hereto view previous CSP Daily News coverage.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.