FLIR announces agreement to acquire controlling interest in Cedip Infrared

Sept. 14, 2007
September 14, 2007, Wilsonville, OR--FLIR Systems announced that it has entered into an agreement to acquire a controlling interest in Cedip Infrared Systems (Croissy-Beaubourg, France), a leading provider of infrared cameras and stabilized gimbaled systems. For the fiscal year ended December 31, 2006, Cedip reported revenue of approximately $25.1 million and operating income of approximately $4.3 million.

September 14, 2007, Wilsonville, OR--FLIR Systems announced that it has entered into an agreement to acquire a controlling interest in Cedip Infrared Systems (Croissy-Beaubourg, France), a leading provider of infrared cameras and stabilized gimbaled systems. For the fiscal year ended December 31, 2006, Cedip reported revenue of approximately $25.1 million and operating income of approximately $4.3 million.

Under the terms of the agreement, controlling shareholders of Cedip have agreed to sell and FLIR has agreed to buy shares representing 67.8% of the share capital of Cedip, on a fully diluted basis, for a cash consideration of approximately $57.1 million. The transaction is subject to various closing conditions, including the authorization of the French Minister of Finance and Economy. Following the purchase of shares described above, FLIR will launch a mandatory Standing Market Offer in France pursuant to which it will undertake to buy Cedip's remaining shares at the same price. In the event all outstanding shares are purchased by FLIR, total consideration paid will be approximately $86.4 million.

In the science camera market, the acquisition improves FLIR's international distribution network and brings new products and technology, including cooled mid-wave infrared cameras, while also providing an important manufacturing and technology base in Europe. FLIR anticipates cost savings through integrated distribution and lower manufacturing costs from utilizing FLIR infrared sensors in certain Cedip products. Upon closing of the transaction, Cedip's infrared camera operations will be integrated into FLIR's Thermography Division.

For more information, visit www.flir.com.

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