WORLD KINECT CORP

World Kinect operates an asset light business model, which competitors have attempted to mimic.

In 1984, Paul Stebbins and Michael Kasbar founded Trans-Tec Services, Inc., a marine fuel brokerage company. It was headquartered in New York City. Over the next 10 years they grew the company and built a global network of offices. In 1995, Stebbins and Kasbar sold Trans-Tec to International Recovery Corporation, and the company was renamed World Fuel Services.

International Recovery Corporation was founded in Miami in 1984 and went public on the New York Stock Exchange (NYSE:INT) in 1986. The company changed its name to World Fuel Services Corporation after acquiring Trans-Tec. Stebbins and Kasbar served as members of the board of directors and managed the marine business, prior to taking on the corporate positions they hold today. Oscar Spradley was Chairman of the Board.

WFS was named as a co-defendant in various lawsuits since it had title to crude oil aboard a Montreal, Maine and Atlantic Railway train which derailed in Lac-Mégantic, Quebec on July 6, 2013, resulting in 47 deaths. Prior to the accident, WFS had been lauded as the only firm which had grown faster than technology giant Apple across a ten-year span.

In June 2023, the Company announced a rebrand, changing its name from World Fuel Services Corporation to World Kinect Corporation. On June 16, 2023, after shareholders voted to approve the name change at the Company’s 2023 annual meeting, the Company began trading under the ticker symbol WKC.