World Fuel Services - History

History

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.

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. Paul H. Stebbins was appointed Chairman and CEO in 2002.