Astronics Corp. (NASDAQ:ATRO) is bulking up in aerospace.

On Tuesday, the manufacturer of high-performance lighting, electrical power, and automated test systems for the global aerospace and defense industries announced that it has agreed to buy fellow aerospace interior components maker PECO for approximately $136 million, cash. Privately owned PECO is a supplier to Boeing and a maker of fuel access doors and also "passenger service units" that incorporate air handling, emergency oxygen, electrical power management, and cabin lighting systems. 

Astronics CEO Peter J. Gundermann called PECO "an excellent strategic fit with Astronics" and predicted that "the combination of world class capabilities from both organizations will serve to further our mutual goals."

With PECO doing $77.8 million in 2012 sales, the $136 million Astronics is paying works out to a 1.75 price-to-sales ratio on the acquisition -- making it cheaper than the 1.84 times sales valuation on Astronics' own shares. Plus, Astronics assures investors that PECO is earning EBITDA margins "consistent with Astronics' past performance," suggesting the company's new revenue stream is of just as high quality as its existing business. The deal is expected to close in June.

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