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Thu 10 Apr 2008, 10:56 GMT

World Fuel Services to acquire assets of Texor Petroleum


Acquisition set to strengthen World Fuel Services' position in the ground based fuel market.

World Fuel Services Corporation has announced that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire select assets of Texor Petroleum Company, including the assets comprising Texor's wholesale motor fuel distribution business, for a purchase price of approximately $104 million. Texor is a leading independent distributor of branded gasoline and diesel fuel in the Chicago area. The purchase price will be principally funded through the company's $475 million bank credit facility.

"This acquisition enables us to immediately enhance our position in the 180 billion gallon ground based fuel market and we are very pleased to welcome the Texor team to World Fuel," stated Paul H. Stebbins [Pictured], Chairman and Chief Executive Officer of World Fuel Services Corporation.

Texor is based in Riverside, Illinois and has approximately 125 employees. Texor, the largest independent motor fuel marketer in Illinois, is an authorized branded distributor for Citgo Petroleum Corporation, ConocoPhillips Company, ExxonMobil Oil Corporation, Marathon Petroleum Company LLC, Shell Oil Company and Valero Energy Corporation. Texor distributes gasoline and diesel fuel under long-term contracts to over 250 retail petroleum operators in northern Illinois and northwest Indiana and is also a significant supplier to industrial, commercial and government accounts.

"We are delighted about becoming part of an organization with the global size and strength of World Fuel," said Thomas E. Gleitsman, Chairman and Chief Executive Officer of Texor. "This transaction will provide us with a much stronger platform to take advantage of the tremendous growth opportunities in the retail branded petroleum market," added Anthony E. Speiser, President of Texor.

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