GULF OIL INTERNATIONAL NEWS RELEASE

Houghton International to join global Gulf Oil Family

We are delighted to announce that Gulf Oil Corporation Limited, part of the Hinduja Group, has reached an agreement to acquire Houghton International. Houghton, a leading global supplier of metal working fluids, will join a portfolio of successful global brands owned by the Hinduja group including Ashok Leyland (truck and bus manufacturing) and Gulf Oil International (production and marketing of gasoline, lubricants, greases and other materials for industrial applications).

The acquisition of Houghton will be made by a UK registered 100% owned subsidiary of Gulf Oil Corporation Limited. “This is an extremely exciting development and we are delighted to welcome Houghton International and its highly talented and committed staff to the global Gulf family,” comments Gulf Oil International Vice President, Frank Rutten. Houghton with its strong industrial portfolio complements Gulf’s strong presence in the Automotive lubricants sector.

Houghton will be operated as a standalone sister company to Gulf Oil Corporation. “The Houghton brand, its products, and its global market leadership position in metal working fluids are all outstanding. Our aim is to leverage the capabilities of Houghton and Gulf to expand geographic coverage, grow sales and distribution networks, and strengthen our manufacturing footprint for improved service and support to our customer networks” continues Frank Rutten

“This marks a new and vital chapter in Houghton’s evolution and to join forces with a successful and famous global brand such as Gulf will offer important future benefits and opportunities to our stakeholders,” remarks Houghton CEO, Paul DeVivo. We believe this new ownership will bring considerable benefits to Houghton’s customers, but for now it is “business as usual” with Houghton. This announcement does not change anything about our Vision, Mission, Values or commitment to our customers” continues Paul DeVivo

”Houghton’s global metal-working position and brand reputation along with the combined strength of Gulf heritage and global coverage will help create value for all involved stakeholders,” concludes Frank Rutten. “We look forward to a great future together.”

It is expected that this transaction will close by the end of the year.

About Houghton International

Since 1865, Houghton International Inc. has been a leader in the development, production, and marketing of metalworking fluids for automotive, aerospace, steel and aluminum industries, along with a variety of other industry segments. Headquartered in Valley Forge, PA, USA, Houghton maintains a global footprint, with sales in more than 75 countries and supported by 12 manufacturing facilities in 10 countries.

Houghton possesses the industry’s broadest offering in the MWF and related specialty chemicals segment. It has an extensive library of high-performance, proprietary chemical formulations, which are highly technical and are customized to meet customer requirements.

Additional information is available at www.houghtonintl.com.

About Gulf Oil International

The Gulf Oil International Group is one of the largest independently owned downstream lubricants companies with blending plants in Argentina, China, India, The Philippines, Saudi Arabia and the United Arab Emirates. The Gulf brand is marketed in Asia, Africa, Australia, Europe and North and South America.

The Gulf brand is one of the oldest established and most instantly recognisable of all oil companies. Gulf Oil International has a comprehensive range of lubricants in the market place, which carry with them the latest OEM recommendations. Gulf is constantly moving forward with technical developments for its lubricants products, growth in its operations, and expansion into new markets internationally.

There is a strong association between the Gulf brand and Gulf motor racing. Gulf has many world famous motor racing victories - particularly in endurance racing. A five-year association with Aston Martin Racing, which includes several Le Mans 24 Hours victories and recent GT Victory in the Chinese Round of the World Endurance Championship.

About Hinduja Group

Gulf Oil International and Gulf Oil Corporation are a part of the renowned Hinduja Group, India's premier transnational conglomerate. The Hinduja Group is a major player in Automotive Manufacturing, Banking, Financial Services, Information Technology, Media & Communications, Trading, Oil and Power. It is one of the largest diversified business groups in the world with multi-billion dollar revenues and over 65,000 employees globally.  The Hinduja Group was founded in 1914 and is privately held by the Hinduja family.

For any information please contact Richard Hoare: richard@gulfoilltd.com 



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