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Tue 4 Sep 2012, 14:31 GMT

WFS completes CarterEnergy acquisition


World Fuel Services Corporation increases global land volume to 3.5 billion gallons.

World Fuel Services Corporation announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has completed the previously announced acquisition of select assets of CarterEnergy Corporation, including the assets comprising CarterEnergy’s wholesale motor fuel distribution business.

CarterEnergy, based in Overland Park, Kansas, with 2011 volume in excess of 500 million gallons, is a branded distributor for Philips 66, BP, Valero, Suncor, Shell, ExxonMobil, Cenex and Sinclair. The business distributes gasoline and diesel fuel under long-term contracts to more than 700 retail operators and is a supplier to industrial, commercial and government customers in Kansas, Missouri, Colorado, Texas, Oklahoma, Arkansas, Nebraska, Illinois, Iowa, Wyoming, Arizona, Tennessee, New Mexico and Alabama.

"We are pleased to have the CarterEnergy team as a part of World Fuel and to increase our growing global land volume to more than 3.5 billion gallons," stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation.

The transaction is expected to be $0.04 to $0.07 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be $0.06 to $0.09 in the first twelve months.

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