According to the report this transaction value of approximately $180 million includes repayment of all of Raymarine’s indebtedness and approximately $24 million in proceeds to Raymarine plc which is equivalent to 20 pence per ordinary share. The acquisition represents the entire business operations of Raymarine and its subsidiaries.
Earl Lewis, FLIR’s President and CEO, said that this is a strategically compelling transaction for FLIR. He added that Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment. The companys said that it ha special plan to expand Raymarine’s product line breadth by integrating thermal imaging cameras with Raymarine’s display, radar and autopilot product lines to create the broadest, most effective, and easiest to use suite of products in the marine electronics industry.
Andy King, Director of Sales and Marketing for Raymarine UK Ltd, commented that the agreement has tremendous possibilities for Raymarine, its distribution network and its customers particularly as thermal imaging, with the ability to see clearly at night, will become more important to the leisure boater. The acquisition furthers FLIR’s strategy in the marine market by dramatically increasing its maritime distribution network with the addition of Raymarine’s 1,000 dealer outlets and 400+ marine OEMs to FLIR’s existing distribution.
