Aerospace company Hi-Shear Technology Corp. said Wednesday that it has agreed to be acquired by a British company for $132 million in cash.

The Torrance company, which makes components for rockets and satellites, said it signed a definitive merger agreement with Chemring Group PLC, a London defense contractor. Hi-Shear stockholders would receive $19.18 per share, a 61.4 percent premium over Hi-Shear’s Tuesday closing stock price.

Chemring, which makes materials for the defense industry, said that it expects to close the deal in the fourth quarter pending shareholder and other approvals.

Hi-Shear’s board approved the merger on the recommendation of a committee established to consider strategic alternatives.

“This combination of two well-known and respected companies worldwide will provide enhanced and increased capabilities and resources,” Chief Executive George Trahan said in a statement.

Hi-Shear reported net income of $12 million on revenue of $25.9 million in fiscal 2009.

Hi-Shear shares were up $6.90, or 18 percent, to $18.39 in midday trading on the New York Alternet.