Americas News
WFS To Acquire CarterEnergy Corporation
Miami, Florida Headquartered World Fuel Services Corporation (WFS) [NYSE:INT] has announced its wholly-owned subsidiary, World Fuel Services, Inc., has agreed to acquire select assets of CarterEnergy Corporation (CarterEnergy), including the assets comprising CarterEnergy's wholesale motor fuel distribution business.
The press release said that CarterEnergy, based in Overland Park, Kansas, is a branded distributor for Philips 66, BP, Valero, Suncor, Shell, ExxonMobil, Cenex and Sinclair.
According to the press release, CarterEnergy 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 number of U.S. states.
"We look forward to welcoming the CarterEnergy team to World Fuel," stated Michael J. Kasbar, president and chief executive officer of World Fuel Services Corporation.
"CarterEnergy will further expand our presence in the branded wholesale market and increase our global land volume to more than 3.5 billion gallons," he added.
"We are extremely pleased to be joining a company with the reputation and capabilities of World Fuel. This transaction will allow us to utilise our market knowledge and further grow the business," stated Kerry Oliver, President of CarterEnergy.
The news follows the retirement announcement Friday of CarterEnergy CEO and owner Bryan Beaver, who joined the company in 1983.
WFS said the transaction is expected to be completed within the next sixty days subject to customary closing conditions.
