Semco Instruments, a Valencia manufacturer of aerospace components, has been acquired by a Cleveland company in a deal valued at $74 million.

TransDigm Group Inc. said it closed the deal on Friday. Semco, which has been in business since 1965, makes components for aircraft engine manufacturers, including Pratt & Whitney, Honeywell and General Electric. It had annual revenue of $38 million in 2009.

TransDigm is a global producer of a wide variety of aircraft components for use on nearly all commercial and military aircraft.

“Semco is an outstanding business that both fits well with our strategy and also allows us to expand our content for certain engine applications,” said TransDigm Chief Executive W. Nicholas Howley in a statement.