World Fuel Services Corp., a Miami-based global fuel logistics manager and distributor, recently divulged that it plans to acquire PAPCO Inc. of Virginia Beach, Virginia and Associated Petroleum Products Inc. (APP) of Tacoma, Washington.
“We look forward to welcoming the PAPCO and APP teams to the World Fuel Services organization,” CEO and chairman Michael Kasbar said, noting that the acquisition will extend World Fuel’s footprint and fortify its distribution network in the U.S.
The company’s EVP for global land, Michael Crosby, echoed Kasbar’s statement.
“We are pleased to have these two industry-leading companies, established management teams and enthusiastic employees, join World Fuel,” Crosby said. “This transaction expands our extensive supply relationships and product offerings as we continue to grow our diversified business.”
Aligning with customary closing conditions, the purchases, totaling $230 million, are planned for completion by early August.
World Fuel Services provides fuel and related products and services to aviation, marine and land transportation industry clients at over 8,000 locations spanning more than 200 countries and territories.
PAPCO serves retail, commercial and industrial clients with fuel, management products and fleet card solutions in the Mid-Atlantic region; APP provides fuel-related services to agricultural, automotive, construction, and commercial and industrial customers throughout the Pacific Northwest.
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