World Fuel Services

From Wikipedia, the free encyclopedia - View original article

World Fuel Services
TypePublic (NYSEINT)
IndustryFuel wholesale
Founded1984
HeadquartersMiami, Florida, U.S.
Key peopleChairman: Paul H. Stebbins,
President, CEO, and Director: Michael J. Kasbar
RevenueUS$38.95 billion (2012)
Websitewww.wfscorp.com
 
Jump to: navigation, search
World Fuel Services
TypePublic (NYSEINT)
IndustryFuel wholesale
Founded1984
HeadquartersMiami, Florida, U.S.
Key peopleChairman: Paul H. Stebbins,
President, CEO, and Director: Michael J. Kasbar
RevenueUS$38.95 billion (2012)
Websitewww.wfscorp.com

World Fuel Services is a Fortune 500 company that is based in Miami, Florida. It provides marketing and financing of aviation, marine and ground transportation fuel products and related services to commercial and corporate aircraft, petroleum distributors and ships at more than 2,500 locations around the world.

With $38.95 billion in revenue, World Fuel Services ranked 85th on the 2012 Fortune 500 list.[1]

History[edit]

World Fuel began as a regional used oil recycling company with sales of $6 million a year. It was incorporated in Florida on July 20, 1984, as International Recovery Corp. Ralph Weiser and Jerrold Blair were cofounders of the company, which was based in Miami Springs. Blair became president and chief operating officer in January 1985. After trading over-the-counter under the symbol IRPC, International Recovery began listing on the American Stock Exchange in June 1987 under the symbol INT. In 1986, International Recovery acquired a three-year-old aviation fuel company, Advance Petroleum, Inc. (later doing business as World Fuel Services of FL). Thus the company entered a promising new line of business, which was expanded into an international sales operation covering airports throughout the world. One of Advance Petroleum's founders, Philip S. Bradley, was made CEO of World Fuel's Aviation Fuel Services division. International Recovery acquired another aviation fueling business, JCo Energy Partners, Ltd., in October 1989 and renamed it World Fuel Services, Inc. World Fuel entered the marine fuel business via the January 1995 acquisition of the Trans-Tec Services group of companies. Trans-Tec had been founded in 1985 by Paul H. Stebbins and Michael J. Kasbar; both became executives at World Fuel. The company changed its name from International Recovery Corp. to World Fuel Services Corporation in August 1995.[2]

Company President Jerrold Blair was named chairman and CEO in August 2000 upon the retirement of fellow cofounder Ralph R. Weiser. In the following few months, the company cut its staff by nearly 40 percent as part of a bid to make its financial performance less unpredictable.[3] Paul H. Stebbins was appointed Chairman and CEO in 2002.

In 2013, the company was named as a co-defendant in various lawsuits as owner of Bakken formation light crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, killing an estimated forty-seven people and destroying much of the community's downtown.[4] On July 30, 2013, WFS responded to the Quebec government, who had named them in a liability order.[5] An examination of the liabilities, written with due regard to the peculiarities of Quebec Civil Code law, reports that Quebec Environment Minister Yves-François Blanchet told taxpayers that they would not have to foot the bill, and McGill University law professor Richard Janda stated that the owners of "hazardous materials are liable [in Quebec law] for cleanup costs in the event of a spill."[6]

See also[edit]

References[edit]

Notes
Bibliography

External links[edit]