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FLIR Systems Sells Retail and SMB Visible-Spectrum Security Business

Date Announced: 06 Feb 2018

Lorex subsidiary, acquired back in 2012, "no longer fits strategy".

WILSONVILLE, Ore., Feb. 06, 2018 (GLOBE NEWSWIRE) -- FLIR Systems, Inc. (FLIR) announced today that it has completed the sale of its Canadian security products subsidiary Lorex, Inc. in a transaction that also included its Toronto-headquartered small and medium-sized (SMB) security products business. Together, these businesses generated $140 million of revenue in 2017, focusing on visible spectrum security systems that are sold globally to consumers and SMBs through various distribution channels. Under the terms of the transaction, FLIR will receive approximately $29 million in cash and expects to record a GAAP non-cash charge of approximately $23.6 million related to the divestiture.

“This divestiture will focus our Security business on critical infrastructure and enterprise segments of the broader security market, which are attractive customer bases for our differentiating technologies,” said Jim Cannon, President and CEO of FLIR. “As we assessed our position and opportunities in the security and surveillance space, we determined that this business no longer fits our strategy to build intelligent, turn-key security solutions that are based on multiple wavelengths.”

Source: FLIR Systems

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