Home The Latest FLIR purchases ICx Technologies for $274 million

FLIR purchases ICx Technologies for $274 million

| Print |  Email
The Latest
Monday, August 16, 2010

Wilsonville-based FLIR Systems announced this morning an agreement to acquire ICx Technologies for $274 million. FLIR, maker of thermal imaging and camera system products, will pay $7.55 per share for the detection and surveillance company based in Arlington, VA.

ICx is one of the leading providers of sensor technologies for homeland security with reported revenue of approximately $168 million. With the acquisition FLIR will expand its business to include sensors for chemical, biological, radiological, nuclear, and explosives detection for defense and homeland security markets.

Under terms of the agreement ICx can consider competing bids.

"[ICx] has developed and is developing advanced sensors that gives us a very big portfolio of additional sensors to add to ours,” said president and CEO Earl Lewis, during a recorded press conference this morning. “It’s a complete suite of technology, and not trying to develop it ourselves is very worth the asking price.”

Lewis said ICx has done a terrific job in cultivating the government as a customer in order to harness research and development funds in a way that FLIR hasn’t. He hopes that this acquisition will allow FLIR to learn from ICx and also expand its existing intelligence surveillance and radar technologies. The transaction is expected to close in the fourth quarter and upon completion ICx's operations will be integrated into FLIR's Government Systems Division.

FLIR’S government division has seen impressive growth in the last two months. In July a $5.4 million order was placed by U.S. Customers and Border Protection in addition to a $14.1 million order from STARA Technologies for infrared cameras to be used in Afghanistan. FLIR gets approximately 35% of its total revenue from government contracts.

Although government business has grown for FLIR, approximately 22% over the last five years according to Lewis, he expects the commercial side of the business to be more profitable in the long-run. He expects to see this sensor technology eventually used in various sensor systems for commercial vehicles and other products.

ICx also reported lower than expected quarterly results this morning with second-quarter revenue down $36 million compared to $45 million in 2009.

Jessica Hoch is an online reporter for Oregon Business.

 

More Articles

Private liberal arts education: superior outcomes, competitive price

Contributed Blogs
Tuesday, August 26, 2014
0826 thumb collegemoneyBY DEBRA RINGOLD | OP-ED CONTRIBUTOR

Why has six years become an acceptable investment in public undergraduate education that over-promises and underperforms?


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


Read more...

Podcast: Interview with Steve Balzac

Contributed Blogs
Tuesday, August 19, 2014

082014BalzacBY TOM COX | OB BLOGGER

Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."


Read more...

Two sides of the coin

Contributed Blogs
Monday, August 25, 2014
0825 thumb moneyBY JASON NORRIS | OB GUEST BLOGGER

Ferguson Wellman’s investment views on the economy and capital markets.


Read more...

Oversight? Or gaming the system?

News
Monday, July 14, 2014
AmazonBY VIVIAN MCINERNY | OB BLOGGER

Some people think Amazon’s winking eye logo is starting to look like a hoodwink.


Read more...

Poll Wrap-Up

News
Friday, August 15, 2014

2014 NewPoll-report-newsletterthumbIn this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.


Read more...

Why I became an Oregon angel investor

Guest Blog
Monday, July 14, 2014
AngelInvestBY TERRY "STARBUCKER" ST. MARIE

I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS