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Houghton International, a unit of Hinduja Group’s Gulf Oil Corporation, has acquired the North American steel mill business of Henkel Corporation, a manufacturer of plastics and synthetic resins.
The North American unit of Henkel makes rolling oils, pickle oils, and steel mill specific cleaners for processing and protecting steel.
Confirming the deal to Business Line , AK Das, Vice-Chairman of the Hinduja Group, said the transaction was completed on March 31, and that Houghton had gained many resources in sales, technology and business development with the transaction. He refused to comment on the investment involved.
At the end of 2012, Houghton International was acquired by Hinduja Group’s Gulf Oil for around $1.1 billion (₹6,615 crore today). The deal created the world’s ninth largest lubricant company at that time.
Officials close to the recent deal said the Henkel acquisition is the latest in a number of growth initiatives undertaken by the Gulf portfolio companies of Hinduja Group.
The deal marks Houghton’s strategic investment in specialty chemicals. Officials said with many of the world’s largest oil companies moving out of downstream operations, the latest acquisition strengthens Gulf Oil’s downstream presence, reinforcing its core business in the downstream lubricant industry.
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