LOS ANGELES -- In a surprise move, Ducommun Inc. has entered into a definitive agreement to acquire all outstanding stock and debt of electronics manufacturing services firm LaBarge for $340 million, subject to approval by LaBarge shareholders and other closing conditions.

Ducommun, which makes various panels, switches and motors for the defense and aerospace industries, will also assume $30 million in LaBarge debt. LaBarge will be renamed Ducommun LaBarge Technologies and run by LaBarge chief operating officer Randy Buschling. The deal transaction is expected to be accretive to Ducommun’s earnings in 2012.

LaBarge was the 38th largest EMS company in the world last year, according to the CIRCUITS ASSEMBLY Top 50. Ducommun had 2010 net income of $19.8 million on revenues of $408 million last year; LaBarge posted record sales of $324 million.

“This is one of the most strategically significant moves Ducommun has ever made, one which will transform our company into a larger, stronger entity focused on serving our customers in aerostructures and electronics,” said Anthony J. Reardon, president and chief executive. “The acquisition solidifies Ducommun as a premier Tier 2 provider of both structural and electronic assemblies."

LaBarge has been a rapidly growing force in defense electronics, and its revenue climbed from $269 million a year ago on the strength of deals with Raytheon, Northrup Grumman and other Tier 1 defense contractors.

LaBarge has been considered a potential target by larger EMS firms, but analysts had not discussed interest by other suppliers.