<div>Hinduja group firm Gulf Oil Corporation Ltd said on 7 November it is fully acquiring US-based Houghton International Inc for $1.045 billion (about over Rs 5,685 crore) through a UK-based subsidiary.<br /><br />"An agreement was signed for the acquisition by its wholly-owned subsidiary in the UK on November 6, 2012, with the sellers, a US-based private equity fund," the company said in a filing to the BSE.<br /><br />The $1.045 billion acquisition will be subject to customary closing conditions, it said.<br /><br />Gulf Oil Corporation Ltd (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 en-to-end range of lubricants, it said.<br /><br />"...in addition there are various synergies that can be achieved in manufacturing, strategic sourcing and distribution," GOCL said.<br /><br />Houghton is a global market leader metal working fluids and has a global footprint with sales in more than 75 countries, which are supported by 12 manufacturing facilities in 10 countries, it added.<br /><br />"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," GOCl said.<br /><br />Scrips of GOCL were trading at Rs 89 per share in the morning trade on the BSE, up 1.60 per cent from the previous close.<br /><br />(PTI)</div>
