Under the agreement announced Monday, World Fuel will acquire Western Petroleums capital stock. Along with the lubricants distribution business, World Fuel will also get Westerns wholesale motor fuel distribution and branded aviation fuel distribution businesses. The $95 million purchase price may be increased up to an additional $20 million if Westerns net assets exceed an agreed target at closing, World Fuel stated, which is expected within the next 60 days.

The acquisition of Western is another significant step in the continued evolution of our land based fuel business, and their branded aviation fuel distribution business will further expand the breadth of our general aviation business, said Michael Kasbar, president and chief operating officer of World Fuel.

Our market knowledge combined with World Fuels size and scale will allow us to further expand distribution to a broader base of customers and suppliers, said Richard Neville, president of Western.

Based in Miami, Fla., World Fuel Services markets and sells marine, aviation and land fuel products along with related services. It has clients at more than 6,000 locations in 200 countries, including airports, seaports, tanker truck loading terminals and other customer storage locations. The company has 44 offices worldwide.

World Fuels aviation customers include commercial airlines, cargo carriers and corporate clientele, as well as the U.S. and foreign governments. Its land customers include petroleum distributors, retail petroleum operators, and industrial, commercial and government accounts.