India’s Gulf Oil acquires U.S.-based Houghton International for US$1 billion

Gulf Oil Corporation (GOCL), a Hinduja Group company, acquired U.S.-based Houghton International Inc. for US$1.045 billion after the conclusion of regulatory approvals. GOCL’s purchase of the 100% stake in Houghton International was done through a step-down subsidiary structure in the United Kingdom and the U.S., which ensured that the financials of GOCL would not be affected.
The buyout makes G0CL the world’s ninth largest lubricant company and makes it a “full range” company that serves customers in a wide range of industries, including automotive, metalworking, energy, aerospace and marine.
For the year ending in September 2012, Houghton posted sales of US$858 million and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of US$132 million. The company sells its products in more than 75 countries, and is supported by 12 manufacturing facilities in 10 countries; Houghton has a very strong industrial portfolio, and perfectly complements Gulf ‘s already strong presence in the automotive lubricant sector. (December 22, 2012)