Tue, Dec 21, 2010
Expands Government-Related Fuel And Logistics Capabilities
World Fuel Services Corporation said Monday that, through a
wholly-owned European subsidiary, it has signed a definitive
agreement to acquire Nordic Camp Supply ApS based in Aalborg,
Denmark. NCS is a full-service supplier of aviation, gasoline and
diesel fuels and related logistics solutions supporting NATO, US
and other European armed forces operations in Afghanistan.
“We are excited to welcome such an established and
well-respected team as NCS to World Fuel,” stated Michael J.
Kasbar, president and chief operating officer of World Fuel
Services Corporation. “Their experience in managing fuel
logistics in challenging environments will complement our existing
government-related activities and provide a solid platform for
further growth in the fuel logistics market.”
“We are very pleased to be joining a company with the
global expertise and scale of World Fuel,” stated Michael
Fossing, chief executive officer of NCS. “Combining our fuel
logistics capabilities with the financial strength of World Fuel,
will enable us to satisfy the growing demand for fuel logistics
services in the market today.”
The purchase price for the transaction will be $68.5 million,
which may be increased if NCS net assets exceed an agreed amount at
closing. Up to $10 million of the purchase price and all or a
portion of any increase in the purchase price above $68.5 million
may be paid in the form of World Fuel Services Corporation common
stock, valued based on an agreed trailing average price formula.
The balance of the purchase price will be funded through
cash-on-hand.
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