Houghton International sold for over $1 bn


Hinduja Group firm Gulf Oil finally completed its acquisition of US-based Houghton International for $1bn.

The acquisition makes Gulf Oil the world's 9th largest lubricant company. The purchase was made through "a step-down subsidiary structure" in the US and UK.

As reported late last year, there was strong competition for the acquisition of Houghton which is a global market leader in metal working fluids. The company has 12 manufacturing facilities in 10 countries and sells its products in more than 75 countries. It recorded sales of $858 million and operating profits of $132 million in 12-month period ended September 2012.

The final bid, of a fraction more than $1bn was slightly less than the $1.15bn entered by the Hinduja brothers, Srichand, Gopichand, Prakash and Ashok, the owners of Gulf's parent company, The Hinduja Group.