Machine Manufacturing

FLIR Completes Acquisition of ICx

October 7, 2010

The purchase of ICx represents an opportunity for FLIR to expand its business into several attractive adjacent technologies, products, and markets.

PORTLAND, OR /MARKET WIRE/ -- FLIR Systems Inc. announced that it has successfully completed its previously announced acquisition of ICx Technologies Inc. for $7.55 per share, representing an aggregate purchase price of $268 million, or an enterprise value of $232 million, including ICx's closing cash balance. On August 16, 2010, FLIR announced it had entered into a definitive agreement to acquire ICx through a tender offer and subject to certain conditions. The acquisition was completed via a tender offer by a FLIR subsidiary for all of the outstanding shares of ICx, followed by the merger of that purchasing subsidiary with ICx, as a result of which ICx became a wholly-owned subsidiary of FLIR.

The tender offer expired at 12:00 midnight, New York City time, on Friday, October 1, 2010, with 32,683,590 million shares, representing approximately 93.4% of ICx's outstanding shares, validly tendered and not validly withdrawn in the offer. FLIR accepted for payment all validly tendered shares and thereafter completed the acquisition.

ICx is a leading provider of integrated advanced sensing technologies for homeland security, force protection, and critical infrastructure applications. ICx has established a technology leadership position across a wide spectrum of CBRNE (chemical, biological, radiological, nuclear, and explosives) detection and surveillance technologies, supported by a robust intellectual property portfolio.

"The acquisition of ICx represents an opportunity to expand our business into several attractive adjacent technologies, products, and markets. We believe ICx is a leader in emerging CBRNE sensor technologies and that this business will create substantial value for our shareholders," said Earl R. Lewis, President and CEO of FLIR. "We are excited to add ICx to the global infrastructure of FLIR's Government Systems Division, and we are delighted to welcome ICx employees to FLIR."

About FLIR
FLIR Systems Inc. is a world leader in the design, manufacture, and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging 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.

Add Comment




Twitter Feed

Find It Fix It Forum

Sensors invites you to join the Findit-Fixit Forum, where you can get answers to your sensing questions—concerning technologies, products, methods, applications, and services--and also offer help to your fellow engineers. The Forum covers all kinds of topics, from the basics to the extraordinary.

Join the discussion!

© Copyright 2016 Questex, LLC. All Rights Reserved. Sensorsmag. Privacy Policy | Terms of Use

If you are having technical difficulties or considerations, please contact the webmaster.