World Fuel Services Corporation (NYSE:INT) announced today that its wholly-owned subsidiary, World Fuel Services, Inc., has signed a definitive agreement to acquire select assets of Texor Petroleum Company ("Texor"), including the assets comprising Texor's wholesale motor fuel distribution business, for a purchase price of approximately $104 million. Texor is a leading independent distributor of branded gasoline and diesel fuel in the Chicago area. The purchase price will be principally funded through the company's $475 million bank credit facility.
"This acquisition enables us to immediately enhance our position in the 180 billion gallon ground based fuel market and we are very pleased to welcome the Texor team to World Fuel," stated Paul H. Stebbins, Chairman and Chief Executive Officer of World Fuel Services Corporation.
