Astronics announced that it has entered into a definitive agreement to acquire the outstanding shares of PECO for approximately $136M in cash. The agreement is expected to close in late June. PECO, located in Portland, Oregon, designs and manufacturers commercial aerospace interior components and systems for the aerospace industry. PECO had FY12 sales of $77.8M and has projected FY13 sales of approximately $83M. Excluding one-time acquisition related charges, the acquisition is expected to be accretive to earnings in FY13. PECO employs approximately 240 people.