Baker agreed to sell its pump business to Trico.
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The sale comes as part of a plan to resolve Justice Department objections to Baker International Corp.’s proposed merger with Hughes Tool Co. and involves Baker’s domestic electric submersible pump manufacturing. The agreement between Orange-based Baker and Gardena-based Trico still must be approved by Hughes and Baker shareholders and by the Justice Department. Trico President and Chief Executive W. D. Wagner said that if the approvals are obtained, the sale will close March 27. Although neither company would disclose the price, industry analysts previously had said that it should be roughly the same as the unit’s annual revenue--about $6 million.
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