FLIR Systems Announces Agreement to Acquire Scientific Materials CorporationAcquisition of World Class Supplier of Lasers, Laser Components and Materials to Enhance FLIR's Product Lines
(PORTLAND, OR, Nov 21, 2005) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has entered into a definitive agreement to acquire the stock of Scientific Materials Corporation, a leading supplier of laser assemblies, laser components and materials, for $13 million cash. The transaction is expected to close within the next thirty days.
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Based in Bozeman, MT, Scientific Materials was founded in 1989 as a producer of specialty crystals for use in high-end laser manufacturing. The company has since expanded into the production of military grade laser assemblies and high quality laser components used by a variety of industrial, medical, scientific and military laser manufacturers.
"SMC has developed a reputation for making some of the highest quality laser components on the market, and we are delighted that they have chosen to become a part of FLIR. We are seeing increasing demand for laser payloads in many of our systems, and the acquisition of SMC will give us greater control over the development, manufacturing, and cost of this important subassembly," commented Earl R. Lewis, President and CEO of FLIR Systems, Inc.
The statements in this release, including the expectation that the acquisition of Scientific Materials Corporation will give FLIR greater control over the development, manufacturing and cost of lasers and that under FLIR's ownership SMC will continue to grow and develop its historical business while also developing and manufacturing complete laser rangefinders and laser designators, which will be integrated into a variety of FLIR's product lines, are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's and SMC's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: changes in demand for the Company's products, product mix, the ability to integrate SMC's operations into FLIR, the ability of SMC to expand its capabilities into laser manufacturing, the continued demand for systems with laser components, the impact of competitive products and pricing, the Company's continuing compliance with US export control laws and regulations, the timely receipt of export licenses for international shipments, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, the continuing eligibility of the Company to act as a federal contractor, the amount and availability of appropriated government procurement funds and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security. Visit the company's web site at www.FLIR.com.
FLIR Systems, Inc.
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