Hinduja Group in the lead to buy specialty chemicals maker Houghton International: report
05 Oct 2012
UK-based Hinduja Group is in the lead to acquire Houghton International, a developer and producer of specialty chemicals, oils, and lubricants, with a $1.15-billion bid, Reuters today reported, citing two people familiar with the matter.
The $25-billion Hinduja Group controlled by S P Hinduja, has emerged as the top bidder in the auction for Houghton owned by investment firm AEA Investors LP.
London-based Hinduja Group has outbid private equity firms but AEA Investors could still decide to sell to another party or not at all, the report said.
With 2011 revenues of $467 million, Pennsylvania-based Houghton develops and produces specialty chemicals, oils, and lubricants.
It offers rust preventives, chemical solutions for hot rolling and cold rolling of aluminium, cleaners, including spray, vibratory, soak, floor, and solvent cleaners, as well as derusting and microsurface solutions, water-based fluids that are fire resistant, heat treaters, coolant technology for aerospace, automotive, and off-road equipment manufacturers.
It also produces steel rolling and wire drawing, and lubrication solutions for deep-water oil drilling.