“The ISObunkers acquisition provides a great advantage for both companies and especially for customers."
-- PAPCO CEO, John Malbon
Virginia Beach, VA (PRWEB) October 03, 2012
Virginia Beach, Virginia based PAPCO Inc. announced today that it has acquired the Aston, Pennsylvania based commercial and governmental ground fuels divisions of ISObunkers, LLC, a wholly-owned subsidiary of ISOindustries, Inc. of Norfolk, Virginia.
ISOindustries, Inc. is not part of this transaction and will continue to operate its core marine bunkering businesses out of its offices in Norfolk, VA and Ft. Lauderdale, FL.
"We are very excited about the ISObunkers acquisition,” said PAPCO President Gary Gilmore. “The new structure will facilitate growth opportunities in our existing markets in Virginia, West Virginia, Maryland and Washington DC. This is also a great opportunity for PAPCO to leverage its supply and marketing strengths to serve customers in several new markets in the northeast.”
“We have conducted business with PAPCO for decades,” said Robert Powell, Managing Member, ISObunkers. “PAPCO is a dynamic and innovative company that has been an outstanding supply partner for ISOindustries. We have enjoyed a very strong mutually beneficial relationship,” concluded Powell.
“The ISObunkers acquisition provides a great advantage for both companies and especially for customers. Our product and service capabilities offer significant value that allows customers to have flexibility, controls and to be more competitive in their respective markets. With more than 40 years of experience in the petroleum industry, PAPCO is uniquely positioned to understand the needs and challenges of end users,” commented PAPCO CEO, John Malbon.
During the transition period ISO, and thereafter PAPCO, will administer all current contracts and pursue new contracts from the Aston, PA office. Certain employees will transition to PAPCO and will dispatch and invoice business originated from the Aston office using PAPCO technologies and systems. PAPCO Finance VP, Beth Johnson noted, “The transition will be smooth and seamless as customers are integrated into PAPCO operations.”
PAPCO markets refined fuels, lubricants and fuel card fleet management programs to a broad customer base which includes industrial, retail, marine, commercial transportation companies (trucking, transit, railroad, marine) and federal, state, and municipal government end users in the eastern United States. PAPCO backs their value-added services with its secure fuel supply capabilities through proprietary fuel storage locations and supply agreements with an established network of refiners, pipelines, terminals, and transportation providers that have been expanding since 1976.
PAPCO leverages over 30 years of experience in petroleum hedging and product trading to offer innovative price risk management solutions, allowing fuel users to better manage operating budgets and fuel cost. Additionally, PAPCO offers a diverse menu of other product and service solutions including fleet card services, fuel inventory management, on-line account management and storage systems. Through the use of the industry's latest technology, PAPCO provides seamless fuel procurement and inventory management solutions to its clients that bring efficiencies and cost savings to their businesses.
For more information about PAPCO visit http://www.papco.com orcall 800-899-0747.
Media Contact: Frank Daniels, frank(dot)daniels(at)papco(dot)com, 757-321-4468
Based in Norfolk, VA, ISOindustries has been in the petroleum and marine transportation business since 1985. After the transaction with PAPCO it will continue its bunker trading activities worldwide in fueling commercial shipping, contracting government vessels and supplying mega-yachts.
For more information about ISOIndustries please visit http://www.isoindustries.com or call