Diploma Plc has acquired Peerless Aerospace Fastener, a distributor of specialty fasteners in the U.S. and European aerospace markets, for £236m (US$298 million).Founded in 1952, Farmingdale, NY-based Peerless is an approved supplier to all major aerospace companies globally, primarily serving around 80 sub-contractors to the major equipment manufacturers. Their facility contains over 175,000 line items and hosts an experienced staff. Web: pafcorp.com“Aerospace fasteners represents a $7bn, highly fragmented addressable market. They are highly specialized products and amongst the most critical components in aircraft manufacturing. An aircraft contains around 1 million fasteners, representing up to 5% of total aircraft build value,” Diploma stated.“There is currently a 10+ year backlog for commercial aircraft manufacture, and the combination of new build and ongoing maintenance supports sustainable long-term market growth.”