World Fuel Services Corporation has announced that it has completed the previously announced acquisitions of PAPCO, Inc. and Associated Petroleum Products, Inc.
PAPCO is headquartered in Virginia Beach, VA, with 150 employees and 2015 revenue of US$1 billion, and APP is headquartered in Tacoma, WA, with 275 employees and 2015 revenue of US$600 million. Both are leading distributors of gasoline, diesel, lubricants, propane and related services in their respective regions.
“We are pleased to welcome the PAPCO and APP teams to the World Fuel Services organisation,” stated Michael J. Kasbar, Chairman and Chief Executive Officer of World Fuel Services Corporation. “These transactions, combined with our existing World Fuel land segment operations, will serve to further enhance our commercial and industrial platforms to deliver value added solutions to customers across the US.”
Excluding the impact of one time acquisition related expenses and amortisation of acquired intangible assets of approximately US$4 million and US$9 million respectively, the transactions are expected to be US$0.22 - US$0.26 accretive to earnings on a Non-GAAP basis in the first 12 months.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/06072016/world-fuel-services-acquires-papco-associated-petroleum-products-3650/
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