Gulf Oil Corporation, a Hinduja Group company, said today that it has completed the acquisition of 100% stake Houghton International for $1.045 billion. The acquisition which makes Gulf the world's ninth-largest lubricant company.
In a press release, Gulf Oil said that it will operate Houghton as a separate company and the rest of Gulf’s operations will be able to leverage Houghton’s large base of industrial customers to offer them a complete range of lubricants.
“Houghton will be able to leverage Gulf’s existing global network. There are various other synergies that can be achieved in manufacturing, strategic sourcing and distribution. The acquisition through the step-down subsidiary ensures that the financials of Gulf will not be affected”, it was stated in the release. It added that the debt will be serviced through Houghton International’s cash flows.
