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

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 posted $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 aimed at...

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