World Fuel Services Corporation

What It Is: A worldwide supplier of fuel for aviation, land, and marine applications, plus international and regional trip support. The company was 83rd on the Fortune 500 list as of May 2019. 

How It Grew: In 1984, Paul Stebbins and Michael Kasbar founded Trans-Tec, a marine fuel brokerage company headquartered in New York. About 10 years later, they sold the business to Miami-based International Recovery Corporation, which changed its name to World Fuel Services Corporation in 1995. 

A series of acquisitions over the next decade enhanced WFS’ capabilities: BaseOps in 1998 added flight-based services; Avcard in 2007 furthered its business aviation transaction-processing capabilities; Ascent Aviation and the Hiller Group in 2011 expanded distribution of aviation fuel and deicing fluids; Colt International in 2014 added contract fuel and international trip planning; and KTM in 2015 introduced energy management and consulting. 

World Fuel Services also acquired dozens of other companies to expand its marine and land-based business. More than 185 subsidiaries—primarily in the U.S., U.K., Singapore, Netherlands, Sweden, and Costa Rica—now comprise the WFS portfolio.

What It Offers:  

Fuel services. Twenty-four-hour dispatch for aircraft refueling with contract fuel pricing and discount rates using Avcard charge card at more than 8,000 locations in 200-plus countries. Bulk fuel delivery to FBOs and storage facilities, tax recovery and exemption assistance, and online jet fuel management through desktop and mobile apps. World Fuel Rewards program allows members to redeem points from fuel purchases for rewards ranging from gift cards, merchandise, and event tickets to invoice credits. 

International and regional trip support. Flight planning, weather, customized flight following, ground handling and transportation security, logistics, regulatory services, hotel services, catering, fuel setup, and integrated aircraft performance tools.

Recent News: In October 2019, WFS expanded its sustainability program for FBOs and business aircraft operators by offering the ability to buy carbon offsets with fuel purchases and competitively access renewable power and fuel. WFS has delivered more than 13.6 million gallons of sustainable aviation fuel to business and commercial aviation customers since 2015. 

Fast Facts:  

Founded: 1984

HQ: Miami 

Employees: approximately 5,000

Revenues: $39.75 billion (2018)

Chairman and CEO: Michael J. Kasbar

Website: wfscorp.com