Hinduja group firm Gulf Oil acquires Houghton International for $1 billion
Hinduja group firm Gulf Oil Corp. is acquiring US-based Houghton International for $1.045 billion (about over Rs 5,685 crore) through a UK-based subsidiary.
"An agreement was signed for the acquisition by its wholly-owned subsidiary in the UK on November 6, 2012, with the sellers, a US-based private equity fund," the company said in a filing to the BSE about its acquisition, which will be subject to the customary closing conditions.
Gulf Oil Corp. Ltd (GOCL) will operate Houghton as a separate company and the rest of Gulf's operations will be able to leverage Houghton's extensive base of industrial customers to offer them a complete en-to-end range of lubricants, it said.
"...in addition there are various synergies that can be achieved in manufacturing, strategic sourcing and
distribution," GOCL said.
Houghton is a global market leader metal working fluids and has a global footprint with sales in more than 75 countries, which are supported by 12 manufacturing facilities in 10 countries, it added.
"The acquisition fits extremely well with Gulf's Lubricant portfolio. Houghton has a very strong industrial portfolio, which perfectly complements Gulf's very strong presence in the automotive lubricant sector," GOCl said.
(With inputs from PTI)