The sale of a Tacoma-based fuel company has been finalized.
The purchase of Associated Petroleum Products was announced by World Fuel Services Corp. of Miami, Fla., in June. Terms of the sale were completed earlier this month.
APP has 275 employees and had $600 million in revenue in 2015. A man who answered the phone at APP referred a reporter to World Fuel’s corporate headquarters.
World Fuel is a Fortune 100 company with assets around the globe. It also bought PAPCO Inc., based in the mid-Atlantic region. “The aggregate purchase price for both companies will be approximately $230 million and will be funded through the company’s existing credit facilities,” World Fuel said in a news release.
World Fuel spokesman Randy Fairbank praised APP’s relationships with its customers, and said they should not notice a difference in service.
“We have always remained on the lookout for companies that have excellent reputations in the business,” Fairbank said.
APP’s business includes supplying fuel from refineries and terminals in Tacoma, Renton and Seattle and from refineries in northwestern Washington to retail gas stations and large fleets of vehicles. APP not only supplies service stations under contract, it offers trucking services to independent gas stations. Its major contracts are with Shell and Chevron, but it also transports fuel for Safeway and Costco.
APP is among the largest petroleum distributors in the state. Its territory ranges from from the Canadian border to Portland and from the Puget Sound region eastward to Moses Lake.
“The acquisitions of PAPCO and APP significantly expand our geographic reach and supply and distribution capabilities, while further strengthening our commercial and industrial distribution platform in the United States,” said Michael J. Kasbar, chairman and chief executive officer of World Fuel, in its news release.
Information from News Tribune archives contributed to this report.