Search Menu
Photonics Media Photonics Marketplace Photonics Spectra BioPhotonics Vision Spectra Photonics Showcase Photonics ProdSpec Photonics Handbook

Flir to Buy Advanced Sensor Maker

Facebook Twitter LinkedIn Email
WILSONVILLE, Ore., Aug. 16, 2010 — Thermal imaging systems manufacturer Flir Systems Inc. announced Monday that it will acquire sensor maker ICx Technologies Inc. for approximately $274 million. The acquisition expands Flir's capabilities into advanced sensors for chemical, biological, radiological, nuclear and explosives detection for the defense and homeland security markets, the company said.

Under terms of the agreement, a Flir subsidiary will initiate a cash tender offer to buy all outstanding shares of ICx for $7.55 per share and will acquire shares not purchased in the tender offer in a second-step merger at the same price per share. The Flir and ICx boards have approved the merger agreement, and ICx's largest shareholder, Wexford Capital LP, also supports the deal.

Upon closing, ICx's operations will be integrated into Flir's Government Systems Div. ICx, which is based in Arlington, Va., reported revenue of approximately $168 million for the 12 months ended June 30, 2010, and had a cash balance of approximately $38 million at that time.

In addition to advanced sensors, the acquisition also enhances Flir's existing intelligence surveillance and reconnaissance product suite through the addition of ICx's advanced radars and integrated platforms, Flir said.

The transaction is expected to close in the fourth quarter 2010 and is subject to customary closing conditions. Flir said it expects to fund the purchase price from available cash resources and anticipates that the transaction will be neutral to 2010 earnings, excluding transaction costs and one-time charges, and accretive in subsequent years.

For more information, visit:
Aug 2010
thermal imaging
The process of producing a visible two-dimensional image of a scene that is dependent on differences in thermal or infrared radiation from the scene reaching the aperture of the imaging device.
acquireagreementAmericasbiologicalBusinesscameraschemicaldealdefensedetectionearningsExford CapitalexplosivesFlirgovernment systemshomeland securityICx TechnologiesimagingnuclearOregonradarradiologicalreconnaissanceSensors & DetectorsSharessurveillancethermal imagingtransactionVirginia

back to top
Facebook Twitter Instagram LinkedIn YouTube RSS
©2023 Photonics Media, 100 West St., Pittsfield, MA, 01201 USA, [email protected]

Photonics Media, Laurin Publishing
x We deliver – right to your inbox. Subscribe FREE to our newsletters.
We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.