Page 22 - Fuels & Lubes International Q2 2013

C O V E R S T O R Y 封面故事
T HE ACQUISITIoNoF HoUGHToN INTERNATIoNAL By
Gulf oil is a clear indication of how pressure is building in the
oil and gas industry for consolidation in the lubricants sector.
Experts and analysts share the same insights: That key parts
of the fragmented lubricants sector are up for grabs, as they
offer low valuations but solid records of profits; but the kind
of deals to expect are ones in which true integration of manufacturers
doesn’t occur. Rather, these will be deals in which the lubricants company
does not get integrated into the acquirer, but continues to operate as it
did before the acquisition—an unusual context in the way mergers and
acquisitions are usually done. The bellwether deal of this type was the
purchase of additives maker Lubrizol Corp. by Berkshire Hathaway in
2011.
The sale of U.S. industrial lubricants manufacturer Houghton
International to Gulf oil is a clear indication that pressure is building for
the acquisition of similar small independents, of which there are many,
particularly in the North American market.
“The lubricants sector is soon likely to see the same consolidation
Low valuations, and a fragmented industry, offer good prospects for Asian buyers—
Gulf Oil-Houghton deal leads the way
低估值，行业分散，为亚洲的买家带来了好机会——Gulf Oil- Houghton交易带头领跑
海湾石油收购Houghton International清楚地表明，油气行业中的润滑
市场存在整合的压力。专家和分析师均持相同观点：分散的润滑油市场有待
整合，其估值低但利润可观；但预期的制造商的整合却没有发生。事实上，这
些交易中，润滑油公司并没整合融入收购方，而继续像并购以前那样独立运
营——收、并购方往往采取这种做法。2011年哈撒维收购添加剂制造商路博
润公司就是这种情况的第一例。
美国工业润滑油制造商Houghton International出售给海湾石油明确
表明收购类似独立的小公司的压力正在逐渐累积。这样的小公司数量众多，特
别是在北美市场上。
“润滑油市场上很快就可以看到其他油气市场上出现的整合，”新加坡的
Tri-Zen油气咨询公司董事总经理 Stephen Puckett说，他认为一些大的亚洲
生产商可能会对这些西方的目标公司下手。
“但收购者并不一定会整合润滑油制造商——这在首例交易中，亿
万富翁巴菲特的哈撒维在2011年收购路博润就是如此，”美国新泽西州
Parsippany的Kline Group的润滑油咨询顾问Guy Morvey如是说。
通常，当一家公司收购另一家公司，会对后者实施转型，使之看起来如同
收购者的一部分。但在路博润的交易中并没有出现这种情况，因为哈撒维集团
中，巴菲特找不与添加剂生产商相关的公司。路博润是一家主要的服务于燃
作者： Andrew Rosenbaum
Pressure
builds in
M&A pipeline
for lubricants sector
润滑油市场正在积聚
并购力量
FUELS & LUBES INTERNATIONAL Quarter Two 2013 22