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14 Sep 2007
The deal will give Flir a European base and introduce mid-wave infrared cameras to its range.
Flir has announced that it will acquire a controlling interest in Cedip Infrared Systems, a provider of infrared cameras and stabilized gimbaled systems based in France.
An initial purchase of 67.8% of shares in Cedip for €41.4 million ($57 million) is expected to be followed subsequently by the acquisition of all remaining shares in line with French practice. Total consideration for the entire acquisition is expected to be €62.7 million.
The acquisition improves Flir's international distribution network and introduces cooled mid-wave infrared cameras to the company's portfolio of thermal imaging and stabilized camera systems. It will also provide a manufacturing and technology base in Europe for the US-based company.
Upon closure of the transaction, Cedip's infrared camera operations will be integrated into Flir's thermography division. Cedip's Polytech subisidiary, located in Sweden and specializing in mid-size stabilized gimbal systems, will be integrated into Flir's government systems division.
For the fiscal year 2006 Cedip reported revenue of €18.2 million and operating income of €3.1 million. Flir anticipates the transaction will be neutral to 2008 earnings and accretive in subsequent years.
Earl Lewis, president and CEO of Flir, commented: "The Cedip team has an outstanding reputation for designing and manufacturing high-performance cameras and will provide Flir with complementary products and capabilities to help drive growth worldwide."
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