LONDON - Gulf Oil Corporation of India agreed on Wednesday to buy the chemicals and lubricants company Houghton International from the private equity firm AEA Investors for $1 billion.
Gulf Oil, which is part of the Indian conglomerate Hinduja Group, said it would use the strong presence of Houghton, based in Houston, across the United States, Europe and Asia to expand its lubricants operations, primarily in the industrial and automotive sectors.
Gulf Oil is controlled by the Indian billionaire Hinduja brothers, who operate companies across a number of sectors like energy, media and banking.
Gulf Oil, based in Hyderabad, India, manufactures lubricant products for the agricultural, automotive, and industrial sectors. Houghton will continue to be run as a separate business. The acquisition will be made through Gulf Oil's British unit, according to a company statement.
Houghton reported pretax sales of $132 million for the 12 months through Sept. 30, o n revenues of $858 million, Gulf Oil added.
AEA Investors, based in New York, had acquired Houghton in 2007 for an undisclosed amount.
