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Thu 16 Dec 2010, 12:42 GMT

WFS announces Hiller Group acquisition


World Fuel Services acquisition is expected to be completed within the next 30 days.

World Fuel Services Corporation has announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire The Hiller Group, Inc., a leading U.S. general aviation fuel distribution business.

Hiller, based in Tampa, Florida, with volume of more than 120 million gallons, is a leading supplier of aviation fuel to more than 600 fixed base operators and corporate flight departments. They also provide a full range of support services such as marketing, tailored business solutions, freight expertise and credit card processing.

"It is a pleasure to welcome the Hiller team to World Fuel," stated Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation. "The addition of Hiller will further expand our presence in both the branded and unbranded general aviation fuel distribution businesses."

"Teaming up with World Fuel will enable us to more effectively capitalize on the significant growth opportunities in the markets we serve," stated Martin H. Hiller, president of Hiller.

The transaction, which is expected to be $0.05 to $0.07 accretive to earnings in the first twelve months, is subject to customary closing conditions and is expected to be completed within 30 days.

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