FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has acquired the stock of Salvador Imaging, Inc., a leading provider of high-performance visible and low light imaging systems, for $13 million cash.
Salvador Imaging, based in Colorado Springs, Colorado, has earned a world-wide reputation for supplying innovative low light cameras for many applications. The acquisition of Salvador will enhance and differentiate FLIR's multi-sensor systems for military customers and expand its security and surveillance product offerings to commercial customers. Salvador's 12 and 14-bit modular camera designs utilize charge-coupled device (CCD) and electron-multiplying charge-coupled device (EMCCD) sensors, at speeds in excess of 100 million frames per second. In addition to operating at high speeds and with low light, these EMCCD cameras provide color and monochrome images.
"The acquisition of Salvador Imaging expands FLIR's capabilities into a market closely related to our core infrared business. Salvador's technology can be integrated into many of our multi-sensor systems for government applications, and has significant potential for standalone applications," commented Earl Lewis, President and CEO of FLIR. "We welcome Salvador's skilled and experienced team to FLIR."
Upon closing, Salvador Imaging has been re-named FLIR Advanced Imaging Systems, Inc. and will operate as a separate business unit within FLIR's Commercial Vision Systems division. FLIR anticipates this transaction will be neutral to 2009 net earnings and accretive thereafter.