Americas News
WFS to Buy Aviation Fuel Firm
World Fuel Services Corp. [NYSE:INT] (WFS) says it has reached a deal to buy aviation firm Colt International LLC (Colt) for about $63 million.
Colt, based in the U.S. state of Texas, provides contract fuel and international trip planning services in the general aviation sector.
The company had revenues of about $400 million last year.
"We look forward to welcoming the Colt team to World Fuel Services," said Michael J. Kasbar, WFS chairman, president, and CEO.
"Colt will further expand our global presence in contract fuel and international trip planning services, driving strategic synergies in our growing general aviation business."
WFS said it will fund the acquisition with cash and existing credit facilities and expects to complete the deal within 30 days.
For the first quarter of this year, WFS reported a decline in its aviation segment results, while its bunkering and land-based segments improved.
