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India's Gulf Oil to buy Houghton International for $1.05 billion

9:25 AM MST | November 7, 2012 | Vincent Valk

Gulf Oil Corporation (Hyderabad, India) has agreed to buy specialty chemical manufacturer Houghton International (Valley Forge, PA) from private equity firm AEA Investors (New York) for $1.05 billion, the company says. Houghton recoreded $858 million in sales and $132 million in Ebitda for the 12 months ended 30 September, Gulf says.   Gulf, a lubricants and industrial explosives maker, is controlled by the Hinduja Group (Hyderabad, India), a conglomerate run by the billionaire Hinduja brothers. Houghton makes lubricants, oils, and other specialty chemicals...

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