World Fuel Services Corporation completes the acquisition of Flyers Energy Group
World Fuel Services Corporation (NYSE: INT) today announced the completion of the previously announced acquisition of Flyers Energy Group (“Flyers”).
Headquartered in Auburn, Calif., Flyers’ businesses include transportation, commercial fleet refueling, lubricants distribution and the supply of wholesale, branded and renewable fuels to more than 12,000 customers. Flyers’ primary national network of Cardlock locations is the largest in the United States.
“This is an important day for World Fuel as we have completed the largest acquisition in our company’s history,” said Michael J. Kasbar, President and CEO. “We are delighted to welcome the highly talented and successful Flyers team to World Fuel, creating an expanded national platform to provide value-added solutions to commercial and industrial customers across the United States. ”
“Strong balance sheet management and strong cash flow allowed us to fund this transaction while maintaining significant financial flexibility to invest in additional synergistic growth opportunities to further strengthen our market position,” said Ira M Birns, Executive Vice President and Chief Financial Officer. “We expect this acquisition to be significantly accretive to earnings, cash flow and return on invested capital, creating greater shareholder value.”
Information relating to forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our beliefs and expectations regarding the impact of the acquisition on our financial performance, our scale and geographic footprint, our ability to Fund the transaction while maintaining financial flexibility to invest in additional growth opportunities, as well as our beliefs regarding our pipeline of additional investment opportunities and their ability to drive growth and operational efficiency. These forward-looking statements are subject in their entirety to the cautionary statements and information about risk factors contained in the documents filed with the Company’s Securities and Exchange Commission (“SEC”), including the most recent annual report. The company’s recent on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statement due to risks and uncertainties, including, but not limited to: our ability to effectively integrate and realize the expected benefits of the acquisition, our ability to capitalize on new market opportunities, potential liabilities, limited indemnities and the extent of any insurance coverage, our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the pandemic’s impact on our sales, profitability, operations and supply chains and those of our customers as a result of actions taken by governments and businesses to contain the virus, the creditworthiness of customers and counterparties and our ability to collect accounts receivable and to settle derivative contracts, especially for customers most affected by the pandemic, sudden changes in the price of fuel in the market o u extremely high or low fuel prices that continue for an extended period, the availability of liquidity and sufficient liquidity to finance our working capital and strategic investment needs, adverse conditions in the markets or sectors in which we or our customers and suppliers operate, such as the current global economic environment due to the coronavirus pandemic, our failure to meet restrictions and covenants in our senior revolving credit facility and senior term loans, including our financial commitments, our ability to manage supply changes and other market dynamics in the regions in which we operate, our ability to execute successfully and achieve efficiencies, our ability to achieve the expected level of profit from any restructuring activity and cost reduction initiatives, our ability to implement successfully implement our growth strategy and integrate acquired businesses and recognize anticipated profits, unforeseen tax obligations or negative results of tax audits, valuations or litigation, our ability to capitalize on new market opportunities, risks associated with the existence of US tax laws and any regulations issued thereafter and our ability to accurately predict the impact on our effective tax rate and future profits, our ability to effectively leverage technology and operating systems and to realize the anticipated benefits, potential liabilities and extent of any insurance coverage, actions that may be taken under current administration in the United States that increase costs or impact negative about our activities or those of our customers and suppliers, the outcome of pending litigation and other proceedings s, the impact of quarterly fluctuations in results, in particular due to seasonality, supply disruptions, border closures and other logistical difficulties that may arise when sourcing and delivering fuel in areas that are actively engaged in war or other military conflicts, our inability to effectively cover certain financial risks associated with the use of derivatives, uninsured losses, the impact of climate change and natural disasters, adverse results in legal litigation and other risks detailed from time to time in our documents with the SEC. New risks emerge from time to time and it is not possible for management to predict all of these risk factors or assess the impact of these risks on our business. Accordingly, we assume no obligation to publicly update or revise forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise, except as required by law. required.
About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company that provides energy supply advisory services, procurement solutions, and transaction and payment management to commercial and industrial customers, mainly in the aviation, marine and land transport sectors. World Fuel Services sells fuel and provides services to its customers at more than 8,000 locations in more than 200 countries and territories around the world.
For more information, call 305-428-8000 or visit www.wfscorp.com.