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GOCL Corporation Limited
Media Gulf Oil acquires global market leader in Metal Working Fluids, US-based Houghton International Inc. for USD 1045m

Gulf Oil acquires global market leader in Metal Working Fluids, US-based Houghton International Inc. for USD 1045m

07 Nov 2012 Mumbai, 7th November 2012: Gulf Oil Corporation Limited (GOCL), a Hinduja Group Company, through its subsidiary in the United Kingdom is acquiring a 100% stake in Houghton International Inc. for USD 1045m, subject to customary closing conditions.

An agreement was signed for the acquisition by its wholly owned subsidiary in the UK on 6th November, 2012 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 twelve month basis ending September, sales of USD 858 million and adjusted EBITDA of USD 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.

About Houghton

Founded in 1865, Houghton is the most recognized brand in Metal Working Fluids (MWF), especially in the North American and European markets. Houghton possesses the industry’s broadest offering in the MWF segment and related specialty chemicals. It has an extensive library of high-performance, proprietary chemical formulations, which are highly technical and are customised to meet specific segments’ needs.

MWFs are mission-critical specialty chemicals, used for a variety of metal processing applications including metal cutting and removal, metal forming, drawing and stamping, heat treatment and quenching, corrosion prevention and hydraulic systems. The company has a diversified customer base in global end-markets such as automotive, fabricated metal goods, aluminium, steel, energy and aerospace.

With a scale and a global market position nearly double that of its nearest competitors; Houghton holds the #1 position in both North America and Europe and the #2 position in the fast-growing Asian market.

Houghton acquired D.A. Stuart Holding GmbH in 2008 and this was followed by its acquisition of Shell’s MWF business in 2011, to further strengthen its position in the USD 7bn global market. Houghton’s Management team is highly committed, with extensive experience in the segment, which is one of the key reasons why Houghton has delivered consistent growth and an improvement in returns.

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.

About Gulf

Gulf Oil Corporation is a part of the renowned Hinduja Group, India's premier transnational conglomerate. Hinduja Group is a major player in Automotive Manufacturing, Banking, Financial Services, Information Technology, Media & Communications, Trading, Oil and Power. 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.

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