Posted to News on 7th Oct 2016, 12:24
FLIR Systems to acquire Point Grey Research, Inc.
FLIR Systems, Inc. is announcing that it has reached a definitive asset purchase agreement to acquire the business of Point Grey Research, Inc., a developer of machine vision cameras for use in industrial, retail, scientific, traffic, mapping, and other advanced imaging applications, for approximately $253 million in cash.
Founded in 1997 and based in Richmond, British Columbia, Point Grey is a global leader in the development of advanced visible imaging cameras and systems that are used in industrial automation, medical diagnostic equipment, people-counting systems, intelligent traffic systems, military and defence products, and advanced mapping systems. Point Grey designs, manufactures and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis and safety of a wide range of processes and products.
The addition of the Point Grey business will augment FLIR's existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and systems. In addition, FLIR's thermal sensor technology, with its ability to remotely measure temperature, see through factory obscurants such as smoke and steam, and accurately detect and characterise human activity in retail settings, will further extend Point Grey's product range into new application spaces. The business will become FLIR's Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.
Andy Teich, President and CEO of FLIR, says: "We're excited to add the broad range of innovative products from Point Grey to FLIR as together we have a unique capability to create advanced sensing solutions for the broad machine vision market. Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged. Point Grey's global presence and credibility in industrial vision systems provides a strong platform for us to integrate our leading thermal technology. Point Grey is a proven, high-performing business with an impressive set of products, customers, processes, and people, all of which we see as being highly synergistic and strategically significant to FLIR. We welcome the Point Grey employees to FLIR and look forward to creating highly valuable solutions for a wide array of intelligent imaging applications."
The transaction is expected to be completed in the fourth quarter of 2016. FLIR anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017. For more information, go to FLIR's website at www.FLIR.com.
