Hinduja Group is front-runner in bid for Houghton International
India’s Hinduja Group is the front-runner to acquire Houghton International, a U.S. producer of metalworking fluids and other chemicals, following a US$1.15 billion bid, Reuters reported. AEA Investors LP, the investment firm that owns Houghton, could still decide to sell to another party or not at all, however.
Valley Forge, Pennsylvania-based Houghton makes specialty chemicals, oils and lubricants for the metalworking, automotive, steel and other industries. Deutsche Bank and Morgan Stanley were hired to advise on the sale process.
Founded in 1914, the Hinduja Group expanded into investment banking, international trading and global investments under the present leadership of Chairman Srichand Hinduja, supported by his brothers, Gopichand, Prakash and Ashok. The group has a presence in 35 countries, employing more than 65,000 people. It owns Gulf Oil Corporation Ltd., which is based in India, but has marketing presence in several countries.