Waltham-based Extech Instruments, a major supplier of test and measurement equipment and portable receipt printers with distribution in over 90 countries, announces that the company’s president and owner, Jerry Blakeley, has entered into an agreement in which the stock of Extech will be acquired by FLIR Systems, Inc. Located in Portland, Ore., FLIR is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems. The transaction, which is subject to standard closing conditions, is expected to be completed within the fourth quarter.
“This is an exciting opportunity for Extech, our customers, our distributors, and our employees,” Blakeley said. “This acquisition will create new opportunities in distribution, product development and branding which will extend and strengthen Extech’s position in competitive markets.”
With this acquisition, Extech’s product portfolio will increase, bringing the addition of thermal imagers and Infrared (IR) cameras to the company’s 15 current product categories. Known for its innovative approach to product development, Extech has made extensive use of IR technology for both measurement and communication. Extech holds five patents incorporating IR into measurement instruments, and was the first company to introduce a portable printer with IrDA wireless acquisition.
The addition of Extech will expand FLIR’s access to key distribution channels for its emerging low-price thermography products and provide access to low-cost manufacturing in Asia.
FLIR’s just-announced financial results for its third quarter ending September 30, 2007, included revenue of $191.1 million, up 43% compared to third quarter 2006 revenue of $133.2 million.
About FLIR Systems, Inc.
FLIR Systems, Inc., located in Portland, OR, is a world leader in the design, manufacturing, and marketing of thermal imaging and stabilized camera systems. The company’s products are used 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 land-based security.
About Extech Instruments Corporation
Extech Instruments Corporation is a privately held corporation whose high- value, handheld test instruments are sold through a network of national catalog houses, regional stocking distributors, and international master distributors. The company has become one of the largest manufacturers and suppliers of test equipment and portable printers, and the Extech Instruments brand is highly regarded in many industries where it is recognized as the brand of choice. The company has built an enviable reputation for providing innovative products offering unique and patented designs with features, functions, and reliability at an affordable price.