Gulf Oil acquires Houghton International $1.045 billion

Gulf Oil acquires Houghton International for $1.045 billion

6:02 AM, 7th November 2012
Gulf Oil acquires Houghton International for $1.045 billion

NEW DELHI, INDIA: Hinduja group firm Gulf Oil Corporation Ltd said on 5 November 2012 that it is fully acquiring US-based Houghton International for $1.045 billion (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 6 November 2012, with the sellers, a US-based private equity fund,” said the company in a filing to the BSE.

Gulf Oil Corporation 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 end-to-end range of lubricants. “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,” said GOCl.

© PTI News 

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