Gulf Oil Corporation (GOCL), a Hinduja Group Company, through its subsidiary in the United Kingdom has acquired a 100% stake in Houghton International Inc. for USD 1045m, subject to customary closing conditions.
An agreement was signed for the acquisition by its wholly owned subsidiary in the UK on 6th November, 2012 with the sellers, a US-based private equity fund. Houghton has a global footprint, with sales in more than 75 countries, which are supported by 12 manufacturing facilities in 10 countries. Houghton recorded, on a twelve month basis ending September, sales of $ 858 million and adjusted EBITDA of $132m.
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 and, in addition, there are various synergies that can be achieved in manufacturing, strategic sourcing and distribution.
Founded in 1865, Houghton is the most recognized brand in Metal Working Fluids (MWF), especially in the North American and European markets.
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