Through its UK subsidiary, Hyderabad-based Gulf Oil Corporation Limited (GOCL), will be acquiring a 100% stake in Houghton International Inc., whose chemicals and lubricants are used in the metal-working and automotive industries.
The deal worth $1,045 million is further subject to customary closing conditions.
According to GOCL, on November 6, 2012, its fully-owned subsidiary in the UK signed acquisition deal with the sellers, a UK-based private equity fund.
The company said, “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. In addition, there are synergies that can be achieved in manufacturing, strategic sourcing and distribution.â€
The deal worth $1,045 million is further subject to customary closing conditions.
According to GOCL, on November 6, 2012, its fully-owned subsidiary in the UK signed acquisition deal with the sellers, a UK-based private equity fund.
The company said, “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. In addition, there are synergies that can be achieved in manufacturing, strategic sourcing and distribution.â€