FLIR Systems Signs Definitive Merger Agreement And Receives Hart-Scott-Rodino Approval For Its Acquisition of Inframetrics Inc. Acquisition Expected to Close by the End of March.
;PORTLAND, Ore.--- FLIR Systems Inc. Tuesday announced that it has signed a definitive merger agreement and received approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its proposed acquisition of Inframetrics Inc. ;Subject to the receipt of approval by Inframetrics' shareholders, FLIR expects to complete the pooling-of-interests transaction by the end of this month. FLIR will issue approximately 2.3 million shares of its common stock to the shareholders of Inframetrics (including shares issueable upon the exercise of options to purchase Inframetrics stock) in exchange for all of Inframetrics' outstanding stock. ;"The combination of these two growing and profitable companies will create one of the strongest commercial infrared imaging companies in the world,'' stated Ken Stringer, President and Chief Executive Officer of FLIR. ;"This combination will help to further diversify our product offerings, enhance our already strong worldwide sales force and marketing staff, enhance our research and development activities, and achieve a better sales mix between our commercial and governmental businesses,'' commented Stringer. ;"We expect the acquisition to be accretive to earnings on a fully diluted basis beginning this year, after transaction-related expenses and the write-off of certain duplicative inventories totaling approximately $23.0 million that are expected to be accounted for in the March quarter,'' Stringer said. ;For 1998, FLIR reported record revenue of $154.8 million and Inframetrics had revenue of approximately $55.0 million. ;FLIR Systems Inc. is a world leader in the design, manufacturing and marketing of thermal imaging and broadcast camera systems for a wide variety of commercial and government 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.
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FLIR Systems Signs Definitive Merger Agreement And Receives Hart-Scott-Rodino Approval For Its Acquisition of Inframetrics Inc. Acquisition Expected to Close by the End of March.
