Acquisition Enhances FLIR's Recreational and Tactical Scopes and Sights Business to Better Serve Outdoor Sporting, Law Enforcement, and Military Markets
WILSONVILLE, OR -- (Marketwired) -- 06/28/16 -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has acquired Armasight, Inc., a leading developer of precision sporting, hunting, and military optics products, for approximately $41 million in cash.
Armasight, based in San Francisco, is a global leader in night vision, thermal, and daylight imaging products for hunters, outdoor enthusiasts, law enforcement, and military customers. Armasight develops and distributes a wide range of rifle scopes, spotting scopes, binoculars, goggles, and illuminating tools that improve safety and the enjoyment of the outdoors as well as enable military users to detect, recognize, and identify targets from extreme ranges at any time of day or night. The acquisition will combine FLIR's existing lines of Personal Vision Systems and Thermal Weapon Sights with Armasight's products thus providing FLIR the ability to better serve hunters, wildlife enthusiasts, police, and military customers with advanced day and night capabilities. The combined business line will be named FLIR Outdoor and Tactical Systems™ and will be reported within FLIR's Surveillance segment.
"The addition of Armasight to our existing scopes and sights business provides us with meaningful additional scale and injects additional market expertise to better serve the growing hunting and military scopes markets," said Andy Teich, President and CEO of FLIR. "We are pleased to welcome this talented team in further leveraging FLIR's established channels into global military and law enforcement customers, as well as utilize our advanced thermal sensor development and vertically-integrated production capabilities to advance their products and reduce costs."
FLIR anticipates this transaction will be neutral to 2016 net earnings and accretive thereafter.