Portland,
OR October 25, 2007 Flir Systems, Inc. announced today
it has entered into an agreement to acquire the stock
of Extech Instruments Corporation, a supplier of test
and measurement equipment based in Waltham, MA, for
$40 million cash, subject to certain closing adjustments.
For the year ending December
31, 2006, Extech reported revenue of $39.2 million.
The addition of Extech will expand FLIR's access to
key distribution channels for its emerging low-price
Thermography products and provide access to low-cost
manufacturing in Asia. The transaction is subject to
various standard closing conditions and is expected
to close in the fourth quarter, and be neutral to earnings
in 2008, and accretive in subsequent years.
FLIR Systems, Inc. is a world leader
in the design, manufacture, and marketing of thermal
imaging and stabilized camera systems for a wide variety
of thermography and imaging applications including condition
monitoring, research and development, manufacturing
process control, airborne observation and broadcast,
search and rescue, drug interdiction, surveillance and
reconnaissance, navigation safety, border and maritime
patrol, environmental monitoring and ground-based security.
Extech Instruments Corp. makes portable test instruments
including infrared thermometers. Extech currently has
distribution in more than 90 countries.
For more information visit www.FLIR.com
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