ISObunkers fuels divisions bought by PAPCO
U.S. based PAPCO Inc. (PAPCO) has bought the commercial and governmental fuels divisions of fellow Virginian firm ISObunkers, LLC., the firm said in a press release, Ship & Bunker reports.
ISObunkers, LLC is a wholly-owned subsidiary of ISOindustries, Inc., which Virginia Beach based PAPCO said was not part of the transaction and will continue to operate its core marine bunkering businesses out of its offices in Norfolk, Virginia and Fort Lauderdale, Florida.
PAPCO President Gary Gilmore said the firm was "very excited" about the acquisition.
"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," he said.
PAPCO Finance VP, Beth Johnson said "the transition will be smooth and seamless as customers are integrated into PAPCO operations."
