(MENAFN - Arab News) Gulf Oil Corporation Limited (GOCL), a Hinduja Group Company, through its subsidiary in the United Kingdom, is acquiring a 100 percent stake in Houghton International Inc. for US 1,045 million, subject to customary closing conditions.
An agreement was signed for the acquisition by its wholly owned subsidiary in the UK on Nov. 6 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 12-month basis ending September, sales of US 858 million and adjusted EBITDA of US 132 million.
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.
While GOCL is a part of the renowned Hinduja Group, India's premier transnational conglomerate, Houghton is the most recognized brand in Metal Working Fluids (MWF), especially in the North American and European markets. With a scale and a global market position nearly double that of its nearest competitors; Houghton holds the No. 1 position in both North America and Europe and the No. 2 position in the fast-growing Asian market.
The Gulf brand is over 110 years old and is one of the world's leading lubricants brands.
Gulf products are sold in over 100 countries worldwide and cover a wide range of applications; across automotive, agricultural, industrial, construction and marine segments.
The acquisition fits extremely well with Gulf's Lubricant portfolio. Houghton has a very strong Industrial portfolio, which perfectly complements Gulf's very strong presence in the Automotive Lubricant sector.