(By Balaseshan) FLIR Systems Inc. (NASDAQ: FLIR), a manufacturer of thermal imaging systems, said it has closed purchase of Lorex Technology Inc., a provider of home security video surveillance products, for $1.32 per share or $60 million.
The transaction was closed by a FLIR subsidiary purchasing all the outstanding shares of Lorex followed by the amalgamation of that purchasing subsidiary with Lorex, resulting in Lorex becoming a wholly-owned subsidiary of FLIR.
The acquisition was completed upon receipt of final court approval from the Ontario Superior Court of Justice (Commercial List) of the proposed plan of arrangement. The plan of arrangement was approved by Lorex's shareholders at the special meeting of shareholders held on December 13, 2012.
"Adding Lorex will complement our product and distribution capabilities in our existing security markets. Additionally, we believe the business will provide us an opportunity to expand our reach into several new markets as we continue our strategy of lowering the cost to own thermal technology," said Earl Lewis, President and CEO of FLIR.
Lorex, based in Markham, Ontario, provides homes and businesses bundled video surveillance systems and equipment that includes connected visible light video cameras, illuminated infrared cameras, digital video recorders, video monitors, baby monitors, and wearable action sports cameras.
Lorex sells its services through retailers such as Costco, BJ's Wholesale, Amazon.com, and BestBuy.com, as well as through distributors of large-scale security solutions.
FLIR is trading up 1.72% at $21.93 on Thursday. The stock has been trading between $17.99 and $27.06 for the past 52 weeks.