Flir Systems takes control of Cedip Infrared Systems

Cedip, based in Croissy-Beaubourg, France, manufactures cooled mid- and long-wave infrared cameras for the science and security markets and high-performance, stabilized gimbals—a pivoted support that allows the rotation of an object around an axis—for airborne commercial and government applications.

For the fiscal year ended Dec. 31, 2006, Cedip reported revenue of $25.1 million and operating income of $4.3 million.

Portland-based Flir (NASDAQ: FLIR) has agreed to buy shares representing 67.8 percent of the share capital of Cedip, for $57.1 million in cash.

The transaction is subject to various closing conditions, including the authorization of the French Minister of Finance and Economy. Following the purchase, Flir will seek to buy Cedip’s remaining shares at the same price, for a total cost of more than $86 million.

Cedip’s infrared camera operations will be integrated into Flir’s Thermography Division. Cedip’s Polytech subsidiary, located in Eskilstuna, Sweden, will be integrated into Flir’s Government Systems Division.

Cedip is listed on the French Alternext stock market under the symbol ALCED.PA.

Flir designs, manufactures and markets thermal imaging and stabilized camera systems. In July, the company said it expected record earnings of up to $750 million in 2007.

www.flir.com