Cypress Company to Buy Unit From Hewlett-Packard

Hyatt Die Cast & Engineering Corp. said Monday it has reached a tentative agreement to acquire the die casting and finishing business of giant Hewlett-Packard Co. for an undisclosed sum.

The transaction, which would add about 40 employees to Hyatt’s operations, is expected to be completed this fall, H-P executives said.

The Cypress company, which makes casings and other metal parts for computers and other products, said it will move H-P’s die casting division from its Palo Alto fabrication center to a new structure in San Jose.

Hyatt plans to supply finished metal components to H-P’s worldwide businesses and to about 30 non-Hewlett-Packard customers in the Bay area. Hyatt will continue its own manufacturing line, including parts for golf clubs and aircraft, with 100 employees at its 12-acre headquarters.

The sale is part of H-P’s three-year plan to sell certain lines of business to companies that specialize in making those products.