FLIR Systems Announces Acquisition of Traficon International for $46
PORTLAND, OR -- (Marketwire) -- 12/28/12 -- FLIR Systems, Inc.
(NASDAQ: FLIR) announced today that it has acquired the stock of
Traficon International NV, a leader in video detection technologies
for traffic applications, for approximately $46 million in cash.
Traficon, based in Wevelgem, Belgium, is a global leader in video
image processing software and hardware for traffic analysis. Traficon
produces intelligent technology that makes traffic safer and more
efficient through solutions for automatic incident detection, traffic
data collection, and intersection vehicle and pedestrian presence
detection. Traficon has more than 25 years of proven field experience
and more than 80,000 video-based transportation control and
monitoring systems operational worldwide.
"We have shown that thermal imaging is a superior solution for
monitoring traffic," said Earl Lewis, President and CEO of FLIR.
"This acquisition will accelerate the adoption of FLIR technology in
the expanding worldwide market for video-based traffic control
solutions as we utilize Traficon's strong distribution network.
Additionally, Traficon's video analytics capabilities will be
integrated into our other imaging lines of business offering enhanced
functionality and the development of new applications."
FLIR anticipates this transaction will be neutral to 2013 net
earnings and accretive thereafter.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and
marketing of sensor systems that enhance perception and awareness.
The Company's advanced thermal imaging and threat detection systems
are used for a wide variety of imaging, thermography, and security
applications, including airborne and ground-based surveillance,
condition monitoring, research and development, manufacturing process
control, search and rescue, drug interdiction, navigation,
transportation safety, border and maritime patrol, environmental
monitoring, and chemical, biological, radiological, nuclear, and
explosives (CBRNE) detection. Visit the Company's web site at
The statements in this press release by Earl Lewis and the other
statements in this release about the acquisition described above 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 FLIR's and
Traficon's businesses 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 FLIR will experience difficulties in the integration of the
operations, employees, strategies, technologies and products of
Traficon, the potential inability to realize expected benefits and
synergies, changes in demand for FLIR or Traficon product, the impact
of competitive products and pricing, FLIR's continuing compliance
with U.S. export control laws and regulations, the ability of FLIR or
Traficon to manufacture and ship products in the time period
required, and other risks discussed from time to time in FLIR'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 FLIR does not undertake any
obligation to update any forward-looking statement to reflect events
or circumstances after the date of this release for changes made to
this document by wire services or Internet service providers.
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