FLIR Systems Announces Acquisition of Salvador Imaging, Inc.
PORTLAND, OR--(Marketwire - June 11, 2009) - 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.
Forward-Looking Statements
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.
Contact Information: Company contact:
Tony Trunzo
FLIR Systems, Inc.
(503) 498-3547
www.flir.com