Update: Latest: Arrow Buys Wire and Cable Company

Arrow Electronics has sought to increase its passive components armoury with the acquisition of A. E. Petsche, a supplier of wire and cable.

Terms of the deal have not been disclosed. Arrow expects to close the deal for the Texas-based company by the end of the year.

A.E. Petsche is especially strong in the defence and aerospace markets. Customers include United Technologies, Boeing and Cessna.

“With this acquisition, A.E. Petsche will expand Arrow’s product offering in specialty wire and cable and will greatly increase our presence in the aerospace and defense markets,” said Peter T. Kong, president of Arrow Global Components. “This strategic transaction will add to the breadth of Arrow’s customer base and increase our staff of highly experienced sales professionals, while allowing for a variety of cross-selling opportunities with our existing business as well as other emerging markets.”

"We believe A.E. Petsche will further benefit from Arrow's considerable global scale, vast customer base, and strong financial resources," said Glenn Davidson, chief executive officer of A.E. Petsche. "As a result of this transaction, both Arrow and A.E. Petsche will strengthen their product portfolio in the aerospace and defense markets.”