Trico Industries will be acquired by Paccar for cash.

Under the terms of the agreement, each share of Los Angeles-based Trico common stock will be converted into $8 cash, for a total of about $52 million. The transaction will be submitted, along with appropriate proxy materials, for approval by Trico shareholders at a special meeting to be held soon. Trico has granted Paccar an option to purchase up to 1.5 million authorized but unissued Trico shares at $7.375 each. The Bellevue, Wash.-based firm currently owns about 24.4% of the outstanding Trico stock. Trico manufactures oil-field pumps and related equipment.