FLIR Systems, owner of the Raymarine radar and navigation line of products and a provider of thermal imaging cameras, has agreed a deal to sell the company to industrial tech firm Teledyne Technologies, in a deal worth $8 billion in cash and stock.
Teledyne’s product portfolio already features a range of different technologies, including digital imaging sensors, cameras and systems, monitoring and control instrumentation for marine and environmental applications, aircraft information management systems, defence electronics and satellite communication subsystems.
The company also owns the CARIS hydrographic data processing line of software, which uses AI and cloud technologies to support marine survey data processing.
“At the core of both our companies is proprietary sensor technologies. Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers,” said Robert Mehrabian, Executive Chairman of Teledyne.
“However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths.”
“For two decades, Teledyne has demonstrated its ability to compound earnings and cash flow consistently and predictably. Together with FLIR and an optimised capital structure, I am confident we shall continue delivering superior returns to our stockholders.”