Gulf Oil buys Houghton International for US$1 billion

India’s Gulf Oil Corp., which is part of the Hinduja Group conglomerate, has acquired U.S.-based specialty chemicals company Houghton International from a private equity fund for US$1.05 billion.
Gulf Oil said Houghton’s strong presence in the industrial segment would complement its own range of automotive lubricants, expecting synergies in manufacturing, sourcing and distribution.
Houghton sells metalworking fluids globally, operating a total of 12 plants. It reported an operating profit of US$132 million for the 12 months ending September, on sales of US$858 million.
Gulf Oil, which sells lubricants and industrial explosives in India and offshore, said it plans to operate Houghton as a separate company.