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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 9, 1997
PACCAR Inc
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-6394 91-0351110
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(State or Other Jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
777 - 106th Avenue, N.E., Bellevue, WA 98004
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (425) 468-7400
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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FORM 8-K
Item 5. Other Events.
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See the Press Release dated October 9, 1997, which is attached as Exhibit A
hereto and incorporated by this reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PACCAR Inc
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(Registrant)
Date 10/30/97 By /s/ Richard P. Fox
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(Signature)
R. P. Fox
Senior Vice President
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[LETTERHEAD]
G.Glen Morie
(425) 468-7499
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FOR IMMEDIATE RELEASE
PACCAR AGREES TO SELL OILFIELD EQUIPMENT BUSINESS
OCTOBER 9, 1997, BELLEVUE, WASHINGTON -- PACCAR Inc announced an agreement today
to sell its oilfield equipment business, TRICO Industries, to EVI, Inc. based in
Houston, Texas. EVI is an international manufacturer and supplier of oilfield
equipment and is one of the fastest growing oil services companies in the
industry.
"Current valuations in the oil services sector made the timing of this
transaction very attractive to PACCAR", said Mark C. Pigott, chairman and CEO.
"This divesture will allow PACCAR to focus on the growth of its core businesses:
light, medium and heavy-duty trucks, financial services, retail auto parts, and
winches." Recently PACCAR announced plans to invest $75 million to modernize
its Kenworth plant in Ste. Therese, Canada. Additional investments are being
made in factory capacity expansion and new product development. Recent new
product introductions include the highly successful DAF 95XF and Kenworth T2000.
PACCAR is the second largest manufacturer of heavy-duty trucks in the world and
its products are regarded as the premium quality trucks in the industry.
"We will use the proceeds from the Trico sale as part of our increasing
investment in people, facilities, products, distribution and systems," said
Pigott. Completion of the transaction is subject to government approval.
Closing is expected in the fourth quarter of 1997.
PACCAR Inc is a worldwide manufacturer of heavy-duty trucks under the Kenworth,
Peterbilt, DAF and Foden nameplates. It also provides financial services and
distributes truck parts related to its principal business. In addition, the
Bellevue, Washington-based company manufactures industrial winches and sells
general automotive parts and accessories through its retail outlets.
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PACCAR shares are traded on the NASDAQ Exchange, symbol PCAR, and its homepage
can be found at www.paccar.com.
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