Teledyne to Acquire FLIR Systems
05 January 2021
Teledyne Technologies Incorporated and FLIR Systems, Inc. jointly announced that they have entered into a definitive agreement under which Teledyne will acquire FLIR for approximately USD $8.0 billion.
By joining forces with Teledyne, FLIR will create a stronger platform for growth and innovation and be even better positioned to meet the evolving needs of customers, drive stockholder value and create new opportunities for employees. Together, they will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications across a well-balanced, global customer base.
“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. However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths,” said Robert Mehrabian, Executive Chairman of Teledyne. “For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably. Together with FLIR and an optimized capital structure, I am confident we shall continue delivering superior returns to our stockholders.”
“FLIR’s commitment to innovation spanning multiple sensing technologies has allowed our company to grow into the multi-billion-dollar company it is today,” said Earl Lewis, Chairman of FLIR. “With our new partner’s platform of complementary technologies, we will be able to continue this trajectory, providing our employees, customers and stockholders even more exciting momentum for growth."
Details Courtesy of FLIR Systems.