FLIR sells for $8 billion
FLIR Systems announced Monday that Teledyne Technologies would purchase it for around $8 billion in cash and stock.
FLIR (Forward Looking Infrared) is known for its thermal imaging and night vision sensors, widely used by the military, industrial, and public safety sectors. FLIR's technology is in night vision goggles as well as heat-sensing cameras used by firefighters.
The purchaser, Teledyne, makes similar products.
In a statement, Teledyne of Thousand Oaks, California, just north of Malibu, said the products would match.
"At the core of both our companies is proprietary sensor technologies. Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers," said Teledyne Chairman Robert Mehrabian.
"However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths."
Besides space telescopes, a chip-scale atomic clock, and sub-millimeter wave Schottky diodes, Teledyne makes laser eye protection glasses.
FLIR has done well in the COVID-19 pandemic and the wildfire season. Its thermal imaging cameras are valuable for fever checks and for wildfires. FLIR's technology is often deployed on satellites and drones, as well as handheld devices and mounted cameras.
Teledyne expects $800 million in fourth-quarter sales. FLIR's full-year 2019 revenue was $1.9 billion, and projects it will be between $1.8 billion and $1.9 billion for 2021.
Founded in Portland, it moved its headquarters to Virginia in 2020. FLIR has approximately 350 employees in Wilsonville and more than 4,000 worldwide.
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