World Fuel Services to Acquire Texor Petroleum

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World Fuel Services to Acquire Texor Petroleum

MIAMI -- World Fuel Services Corp. wholly-owned subsidiary, World Fuel Services Inc., signed a definitive agreement to acquire certain assets of wholesale motor fuel distributor Texor Petroleum Co. for approximately $104 million, World Fuel Services Corp. stated.

"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," Paul H. Stebbins, chairman and CEO of World Fuel Services Corp., said in a statement.

Texor, a leading independent distributor headquartered in Riverside, Ill., supplies branded gasoline and diesel fuel, including CITGO, ConocoPhillips, ExxonMobil, Marathon, Shell and Valero, the company stated. Texor serves more than 250 retail petroleum operators in northern Illinois and northwest Indiana through long-term contracts and is also a significant supplier to industrial, commercial and government accounts, according to the company.

"This transaction will provide us with a much stronger platform to take advantage of the tremendous growth opportunities in the retail branded petroleum market," Anthony E. Speiser, president of Texor, said in a statement.