DOHA: Gulf Oil Corporation Ltd (GOCL), a Hinduja Group Company, through its subsidiary in the UK, is acquiring a 100 percent stake in Houghton International Inc for $1,045m, subject to customary closing conditions.
An agreement was signed for the acquisition by its wholly-owned subsidiary in the UK recently 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 $858m and adjusted EBITDA of $132m.
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.
The Peninsula
