Houghton sold to Gulf

Houghton International, the industrial fluids manufacturer whose European HQ is based at Trafford Park, has been acquired by Gulf Oil Corp for $1.05bn (£657m).

Houghton’s products are used in the metalworking and automotive industries.

Its previous owner was American private equity fund AEA Investors which acquired it in 2007.

Houghton is headquartered in Pennsylvania and has turnover of about £536m.

Gulf Oil, based in Hyderabad, India, manufactures lubricant products for the agricultural, automotive and industrial sectors.