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Valley Business | Business Roundup

Investment Fund to Buy Haskel International Inc.

March 16, 1999

Haskel International Inc., which makes high-pressure pumps, agreed to be bought by closely held Tinicum Capital Partners LP for $72.8 million in cash, or $12.90 a share.

Tinicum is a New York-based investment fund. Haskel manufactures high-pressure liquid pumps and gas boosters for industrial, commercial and military uses.

Haskel, which struggled in recent years to increase shareholder returns, will have more access to capital for expansion under Tinicum, said Malcolm Greaves, Haskel's president and chief executive. It will also be easier to focus on long-term plans, rather than short-term results, he said.

"Once we are out of the public sector, a number of costs will disappear," Greaves said.

In October, the Burbank company said it might seek a merger partner as orders from Asia for Haskel's pumps, motors and related equipment slowed.

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