Contact Information: Company contact: Tony Trunzo FLIR Systems, Inc. (503) 498-3547 www.flir.com
FLIR Systems Announces Acquisition of Directed Perception, Inc.
| Source: FLIR Systems, Inc.
PORTLAND, OR--(Marketwire - December 28, 2009) - FLIR Systems, Inc. (NASDAQ : FLIR ) announced
today that it has acquired the stock of Directed Perception, Inc., a
leading provider of pan-tilt motion control systems for commercial and
military markets, for $20 million cash.
Directed Perception, based in Burlingame, California, has earned a
world-wide reputation as a pioneer and leader in high-performance pan-tilts
in security and surveillance, maritime, military, robotics, and scientific
instruments markets. Directed Perception's full-line of pan-tilt systems
support payloads ranging from 6 to 90 pounds. The acquisition of Directed
Perception will enhance and differentiate FLIR's pan-tilt-zoom camera
systems for both commercial and military markets through lower cost,
improved functionality and ease-of-use.
"The acquisition of Directed Perception expands FLIR's capabilities into a
key enabling technology. Its technology can be integrated into many of our
existing pan-tilt-zoom systems and has significant potential for future
low-cost integrated solutions," commented Earl Lewis, President and CEO of
FLIR. "We welcome Directed Perception's skilled and experienced team to
FLIR."
Upon closing, Directed Perception has been re-named FLIR Motion Control
Systems and will operate as a part of FLIR's Commercial Systems division.
FLIR anticipates this transaction will be neutral to 2010 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 Directed Perception 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 Directed
Perception'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 Directed Perception, the potential inability to realize
expected benefits and synergies, changes in demand for the Company's and
Directed Perception'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.