AVX Corporation, a manufacturer of electronic components, is buying rival American Technical Ceramics Corp. in a deal worth some $231 million in cash.
The New York-based company also makes components.

AVX will pay $24.75 per share for ATC shares, a near 50 percent premium over Friday’s closing price.

“They are well recognized for their leadership in the area of High Frequency Applications for a broad range of commercial and military applications,” said AVX Chief Executive Officer John Gilbertson about ATC. “No finer brand name exists in many of those markets today.”