Brinkworth fuel firm Watson bought for £117million
11:26am Friday 10th January 2014 in North Wilts news
BRINKWORTH firm Watson Fuels has been bought for £117 million by a US-based company.
Founded 56 years ago to supply fuel to farms , the company now employs over 670 people and has depots all over the country supplying agriculture, industry and homes. It is one of the largest fuel distributors in the UK.
The buyer, World Fuel Services Corporation, which is headquartered in Miami, is a global logistics company distributing aviation, land and marine fuel in more than 200 countries.
Watson Group managing Director Tony Watson said: “We are very excited to be joining a company with the capabilities and breadth of products and services of World Fuel.
“Coupled with World Fuel’s solid financial foundation, this transaction will allow us to expand our product and service offerings and further grow our distribution network.”
President and chief executive of World Fuel Michael Kasbar added: "Combined with our existing land business in the United Kingdom, this transaction will further solidify Watson's position as one of the largest distributors of ground-based fuels in the United Kingdom and will provide a platform for further growth in the ground fuels space in the United Kingdom and elsewhere in Europe."
The purchase is expected to be completed within the next three months.