November 17, 2009 / 6:11 PM / in 8 years

Arrow Electronics to buy specialty wire firm A.E. Petsche

(Reuters) - Arrow Electronics, an electronic parts and computer products distributor, said it agreed to buy A.E. Petsche Co, an Arlington, Texas-based supplier of specialty wire and cable, to boost its presence in the aerospace and defense markets.

Financial terms of the deal were not disclosed, but Arrow said it expects the deal to close by the end of 2009 and add 10 cents to 12 cents to earnings per share in 2010.

The acquisition follows Arrow’s February 2008 purchase of ACI Electronics LLC, a distributor of electronic components used in defense and aerospace applications.

The acquisition will add to Arrow’s global components business segment, which accounted for about 68 percent of total revenue for 2008, the company said in a statement.

Privately held A.E. Petsche, which employs about 250 people, had total sales of about $220 million in 2008, Arrow said.

Shares of the company, whose rivals include Avnet, were down 1 percent at $27.43 in morning trade Tuesday on The New York Stock Exchange. They touched a low of $27.30 earlier.

Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Gopakumar Warrier

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