Expanding advanced imaging presence, FLIR Systems will acquire Point Grey Research

FLIR Systems (Wilsonville, OR) has reached a definitive asset purchase agreement to acquire machine vision cameras maker Point Grey Research (Richmond, BC, Canada) for approximately $253 million in cash.

Point Grey's advanced imaging cameras and solutions are used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems. The company 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.

The addition of the Point Grey business will add to FLIR's existing OEM cores and components business with visible spectrum machine vision cameras and solutions. Additionally, FLIR's thermal sensor technology, with its unique 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. The business will become FLIR's Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.

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.

For more information, please visit www.flir.com and www.ptgrey.com.