Flir Buying Raymarine For $180M

Developer of thermal imaging and camera systems said Friday it will acquire all the outstanding shares of its marine electronics maker Raymarine Holdings Ltd.

WILSONVILLE, Ore. (AP) -- Flir Systems Inc. announced Friday that it will acquire all the outstanding shares of its marine electronics maker Raymarine Holdings Ltd.

Flir said the $180 million deal includes $24 million in proceeds to Raymarine's parent company, Raymarine plc, with the rest to repay Raymarine's debt.

Raymarine, based in the United Kingdom, posted revenue of about $170 million in 2009.

Flir, which develops thermal imaging and camera systems, said the acquisition furthers its strategy to grow in the marine market. The company plans to expand the breadth of Raymarine's product line by integrating thermal imaging cameras with Raymarine's product lines.

Flir said the deal will have effect on 2010 earnings, excluding one-time charges.

Shares of Flir fell $1.22, or 4 percent, to $29.02 in afternoon trading Friday as the broader markets tumbled.

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