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

Are millennials reshaping politics in the Pacific Northwest?

News
Wednesday, April 02, 2014

MillennialsThumbA new report explores the impact of millennials on Oregon's business and political climate.


Read more...

Banishing oil burners reaps benefits for schools

News
Tuesday, April 01, 2014
04.02.14 thumb co2schoolsBY APRIL STREETER | OB CONTRIBUTOR

Three years ago, PPS set out to begin to convert the 1930s-era boilers from diesel/bunker fuel to cleaner-burning natural gas. Oregon’s largest school district has realized impressive carbon dioxide emissions reductions, setting an example for public and private institutions.


Read more...

The 2014 List: The Top 33 Large Companies to Work, For in Oregon

March 2014
Thursday, February 27, 2014

100best14logoWebOur 100 Best Companies project turned 21 this year, so pop open the Champagne. Our latest survey gives us plenty to cheer.

 


Read more...

From the Editor: The human factor

March 2014
Tuesday, February 25, 2014

In this issue, we celebrate our 21st annual 100 Best Companies to Work For in Oregon project.


Read more...

100 Best Companies to Work for in Oregon [VIDEO]

News
Monday, March 03, 2014

Screen shot 2014-03-03 at 11.26.47 AM

Check out interviews with employees from some of the 100 Best Companies to Work For in Oregon winners and find out what makes their company a great place to work.


Read more...

Closing the gap: Community colleges and workforce training

News
Thursday, March 27, 2014
03.27.14 thumb collegeBY MARY SPILDE | OP-ED CONTRIBUTOR

Community college career, technical and workforce programs present an opportunity to bring business and education together as never before.


Read more...

Barrister bands

March 2014
Tuesday, February 25, 2014
IMG 4691BY LINDA BAKER

An intellectual property attorney by day, 48-year-old Stoll Berne attorney Tim DeJong is a singer and guitarist by night.


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