FLIR Systems to Acquire Extech Instruments Corp.
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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