Hinduja Group company Gulf Oil Corporation Ltd (Gulf Oil) has acquired Houghton International Inc, a US industrial metalworking fluids supplier, for$1.04 billion through its US and UK subsidiaries, subject to regulatory approvals, according to a press release.
The debt will be serviced through Houghton International Inc.’s cash flows. Gulf Oil’s Chairman Sanjay G. Hinduja said, “We are delighted that we have been successful in acquiring Houghton in the face of strong competition and shall strive to strengthen & support Houghton in the coming days.”
Houghton’s products are sold in about 75 countries supported by 12 manufacturing facilities in 10 countries. It recorded sales of $858 million and adjusted EBITDA of $132m for the 12 months ending September 2012.
The acquisition makes Gulf Oil the world's 9th largest lubricant company and fits into its product portfolio.
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