Home Wholesalers: Diversified World Fuel Services History of World Fuel Services Corporation

History of World Fuel Services Corporation


World Fuel Services began operations in 1984, as a used oil recycler in the South-East US. In 1986, World Fuel Services diversified its operations by entering, through an acquisition, the aviation fuel services business.
In 1995, the company further diversified its fuel services operations through the acquisition of the Trans-Tec Services group of companies.
In 1999, it acquired substantially all of the operations of the privately held Bunkerfuels group of companies.
The company downsized its non-core portfolio in 2000, when it sold its oil recycling business, International Petroleum Companies, to the Dallas-based EarthCare Company, for $28 million.
In 2001, World Fuel Services announced it had completed its acquisition of a 50% equity interest in Page Avjet Fuel from Signature Flight Support. In the same year the company announced it acquisition of selected assets of Norse Bunker, an Oslo, Norway based bunker services company and also acquired Marine Energy.This acquisition was followed with an expansion of the company’s operations of its aviation services with the establishment of a division that provided fuel-management services to the airline industry. In the same year, World Fuel Services signed an agreement to acquire the Oil Shipping Group of Companies.
In 2002, the company switched its fiscal year end from August to December. In the same year the company initiated a partnership with Jeppesen, a supplier of flight information and other services.
The company completed its purchase of the Tramp Oil Group for approximately $83 million in cash, in 2004.
In 2005, the board of directors announced an approval of a two-for-one split of its common stock. In the same year the company announced the pricing of its public offering of 4,000,000 shares of common stock at an offering price of $31.00 per share.
In April 2007 the company appointed Ira M. Birns as its Executive Vice President and Chief Financial Officer.
The company acquired AVCARD, a global provider of charge card services and contract fuel sales to the aviation industry in December 2007.