FLIR Has Raymarine In Its Sights
US imaging equipment specialist FLIR Systems recently announced it has entered into a US$180m deal to purchase all the outstanding shares of Raymarine Holdings Ltd from the latter’s administrator. The deal will see all of Raymarine’s debts paid out, while a further US$24m in proceeds will go to the struggling firm — the equivalent of about 40 cents per ordinary share.
Raymarine is a world heavyweight in marine electronics, with 1000 dealer outlets and over 400 marine OEM clients, and the tie-up would drastically expand FLIR’s existing distribution network.
FLIR president and CEO, Earl Lewis, said the deal will significantly enhance both operations. “We are pleased to announce this strategically compelling transaction,” he said. “Raymarine is a leading brand in the industry and it has an outstanding reputation for high quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our Commercial Systems business. I welcome Raymarine’s employees to FLIR,” he added.