World Fuel Services acquires ExxonMobil operations
Published by Francesca Brindle,
Editorial Assistant
Hydrocarbon Engineering,
World Fuel Services Corporation has announced the completion of its acquisition of ExxonMobil's on-airport fuelling operations in Canada and France.
World Fuel Services Corporation has announced today that it has completed the previously announced acquisition of the aviation fuelling operations of certain ExxonMobil affiliates (ExxonMobil) at 34 airports in Canada and two 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 UK, Germany, Italy, Australia and New Zealand are expected to close later in the fourth quarter of 2016 (4Q16) and into the first quarter of 2017 (1Q17) 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 fuelling network across the US 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.
Read the article online at: https://www.hydrocarbonengineering.com/product-news/02112016/world-fuel-services-acquires-exxonmobil-operations/
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