FLIR Systems to Acquire Point Grey Research for $253 Million
FLIR says the acquisition will augment its existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and solutions.
The addition of the Point Grey business will augment FLIR's existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and solutions.
WILSONVILLE, Ore. – FLIR Systems (NASDAQ: FLIR) has reached a definitive asset purchase agreement to acquire the business of Point Grey Research, a developer of machine vision cameras, for approximately $253 million in cash.
Established in 1997, Richmond, B.C., Canada-based Point Grey develops advanced visible imaging cameras and solutions that are used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products and advanced mapping systems.
Point Grey designs, manufactures and distributes its cameras and related software to a global base of customers that build systems for improving the efficiency, quality, analysis and safety of a wide range of processes and products, according to a press release.
The addition of the Point Grey business will augment FLIR’s existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and solutions. FLIR’s thermal sensor technology, with its ability to remotely measure temperature, see through factory obscurants such as smoke and steam, and accurately detect and characterize human activity in retail settings, will further extend Point Grey’s product range into new application spaces, according to the company.
The business will become FLIR’s Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.
“We’re excited to add the broad range of innovative products from Point Grey to FLIR as together we have a unique capability to create advanced sensing solutions for the broad machine vision market,” says Andy Teich, president and CEO of FLIR. “Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged.
Teich says Point Grey’s global presence and credibility in industrial vision systems provides a strong platform for FLIR to integrate its leading thermal technology.
The transaction is expected to be completed in the fourth quarter of 2016. FLIR anticipates the business and related transaction costs will be approximately $0.01 dilutive to its 2016 earnings per share and accretive for 2017.
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