PORTLAND, OR, Jun 11, 2009 (MARKETWIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has acquired the stock of Salvador Imaging, Inc., a leading provider of high-performance visible and low light imaging systems, for $13 million cash.
Salvador Imaging, based in Colorado Springs, Colorado, has earned a world-wide reputation for supplying innovative low light cameras for many applications. The acquisition of Salvador will enhance and differentiate FLIR's multi-sensor systems for military customers and expand its security and surveillance product offerings to commercial customers. Salvador's 12 and 14-bit modular camera designs utilize charge-coupled device (CCD) and electron-multiplying charge-coupled device (EMCCD) sensors, at speeds in excess of 100 million frames per second. In addition to operating at high speeds and with low light, these EMCCD cameras provide color and monochrome images.
"The acquisition of Salvador Imaging expands FLIR's capabilities into a market closely related to our core infrared business. Salvador's technology can be integrated into many of our multi-sensor systems for government applications, and has significant potential for standalone applications," commented Earl Lewis, President and CEO of FLIR. "We welcome Salvador's skilled and experienced team to FLIR."
Upon closing, Salvador Imaging has been re-named FLIR Advanced Imaging Systems, Inc. and will operate as a separate business unit within FLIR's Commercial Vision Systems division. FLIR anticipates this transaction will be neutral to 2009 net earnings and accretive thereafter.
The statements in this press release by Earl Lewis and the statements regarding the benefits of the Salvador Imaging acquisition are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's and Salvador Imaging's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the possibility that the Company will experience difficulties in the integration of the operations, employees, strategies, technologies and products of Salvador Imaging, the potential inability to realize expected benefits and synergies, changes in demand for the Company's and Salvador Imaging's products, the impact of competitive products and pricing, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release or for changes made to this document by wire services or Internet service providers.
About FLIR Systems
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. Visit the Company's web site at www.FLIR.com.
Company contact: Tony Trunzo FLIR Systems, Inc. (503) 498-3547 www.flir.com
SOURCE: FLIR Systems, Inc.
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