FLIR Systems

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Teledyne FLIR LLC
TypeSubsidiary
IndustryImaging technology, defense, security, law enforcement, thermography
Founded1978; 43 years ago (1978)
HeadquartersWilsonville, Oregon, U.S.
45°19′14″N 122°45′53″W / 45.32065°N 122.7647°W / 45.32065; -122.7647Coordinates: 45°19′14″N 122°45′53″W / 45.32065°N 122.7647°W / 45.32065; -122.7647
Arlington, Virginia
Key people
James J. Cannon, President & CEO
Carol P. Lowe, CFO
Earl R. Lewis, Chairman
William W. Crouch, Director
ProductsThermal imaging, infrared
RevenueIncrease $1.923 billion (2020)
Increase $212 million (2020)
Total assetsIncrease $3.252 billion (2020)
Total equityIncrease $1.883 billion (2020)
Number of employees
4,179 (2020)
ParentTeledyne Technologies
Websitewww.flir.com
Footnotes / references
[1]
Entrance to company headquarters in Wilsonville, Oregon, which is adjacent to the Mentor Graphics campus.

Teledyne FLIR LLC (an acronym for "forward-looking infrared"),[2] a subsidiary of Teledyne Technologies, specializes in the design and production of thermal imaging cameras and sensors. Its main customers are governments and in 2020, approximately 31% of its revenues were from the federal government of the United States and its agencies.[1]

Operations[edit]

FLIR produces devices for the following markets:[1]

  • Surveillance and Reconnaissance
  • Force Protection
  • Border and Maritime Patrol
  • Critical Infrastructure Protection
  • Search and Rescue
  • Detection
  • Targeting
  • Airborne Law Enforcement
  • Drug Interdiction

FLIR One[edit]

The FLIR ONE camera is limited to 9 frames per second due to United States regulatory concerns.[citation needed] The camera can be used to detect water and air leaks.[3]

Facilities[edit]

The company has offices, manufacturing, and/or research and development facilities in Nashua, New Hampshire, Goleta, California, North Billerica, Massachusetts, Orlando, Florida, Bozeman, Montana, Stillwater, Oklahoma, Arlington County, Virginia, Chelmsford, Massachusetts, Ventura, California, Elkridge, Maryland,Freeport, Pennsylvania, Oak Ridge, Tennessee, Waterloo, Ontario, West Lafayette, Indiana, Tallinn, Täby, Dubai, Havlstad, and Fareham.[1]

History[edit]

The company was founded in 1978 to pioneer the development of high-performance, low-cost infrared (thermal) imaging systems for airborne uses.[4]

Originally based in Tigard, Oregon, the company relocated to Portland, Oregon in the mid-1990s.

In 1990, the company acquired the industrial infrared imaging group of Hughes Aircraft Company.[4]

In June 1993, the company became a public company via an initial public offering, raising $12 million.[5][6]

In January 1998, the company acquired Agema Infrared System of Sweden for approximately $80 million.[7][8]

In April 1999, the company acquired Inframetrics.[9][10]

In January 1999, J. Kenneth Stringer III was named President & CEO of the company.[11]

In May 2000, Stringer was fired by the board of directors due to errors in the company's accounting practices.[12] PricewaterhouseCoopers was dismissed as auditor.[13] In January 2001, Flir agreed to pay $6 million to settle class-action shareholder litigation and FLIR settled with the U.S. Securities and Exchange Commission in October 2002. Three executives were charged with fraudulent accounting.[13]

Earl Lewis replaced Stringer as President & CEO of the company.[14]

In 2004, the company acquired a building in Wilsonville, Oregon from Mentor Graphics for $10.3 million for use as a new headquarters.[15]

In January 2004, FLIR acquired Indigo Systems, a developer and supplier of infrared imaging products, including cooled and uncooled infrared detectors, camera cores, and finished cameras, for $190 million.[16] In 2011, after losing a trade secrets claim against the founders of Indigo Systems, FLIR agreed to pay $39 million to settle a countersuit.[17]

Beginning in 2005, the company began supplying BMW with imaging technology for use on its vehicles.[18]

In March 2007, the company reported that it would restate its financial statements for the period from 1995 to 2005 due to options backdating.[19] FLIR had been sued by investors for options backdating but the lawsuits were thrown out in November 2007.[20]

In October 2007, the company acquired Extech Instruments for $40 million.[21][22]

In April 2008, the company acquired Ifara Tecnologias of Spain for €7.0 million.[23][24][25]

In December 2009, it sold Extech Data Systems, a division of Extech which made portable printers.[21][26]

Also in December 2009, the company acquired security hardware maker Directed Perception for $20 million.[27]

In May 2010, the company acquired bankrupt Raymarine for $180 million.[28][29]

In December 2012, the company acquired Lorex Technology for $60 million.[30] Lorex was sold to Dahua Technology in 2018 for $29 million.[31]

In November 2015, the company acquired DVTEL, a provider of software and hardware technologies for advanced video surveillance, for approximately $92 million in cash.[32]

In May 2013, Andrew C. Teich was appointed President & CEO after the retirement of Earl Lewis.[33][14]

In April 2015, the company paid $9.5 million to settle allegations of violations of the Foreign Corrupt Practices Act after it paid for a world tour for Saudi Arabian officials. According to the U.S. Securities and Exchange Commission, Flir earned more than $7 million in profits from sales influenced by the FCPA violations.[34]

In February 2016, the company's technology was used by Bullitt Group and Caterpillar Inc. in a mobile phone that uses its lightweight thermal imaging technology.[35]

In November 2016, FLIR acquired Point Grey Research, owner of the Brickstream brand of camera products, for $259 million.[36]

In December 2016, FLIR acquired Prox Dynamics, the makers of the Black Hornet Nano, a nano-drone used by the military and law enforcement for surveillance and reconnaissance, for $134 million.[37]

In May 2017, Jim Cannon was appointed President & CEO of the company.[38][39]

In January 2019, the company acquired Aeryon Labs for $200 million.[40][41]

In March 2019, the company acquired Endeavor Robotics, a developer of unmanned ground vehicles (UGVs) for the global military, public safety, and critical infrastructure markets, for $382 million in cash.[42][43] The company also opened a second headquarters in Arlington County, Virginia.[44]

In October 2019, the company acquired patents related to tethered drones, which are connected to the ground with a cable and can stay aloft much longer than drones powered by batteries, from Aria Insights.[45]

In April 2020, during the COVID-19 pandemic, the company released a thermal camera that can be used to identify elevated skin temperature.[46] Demand for these products surged, putting stress on the company's supply chain.[47]

In January 2021, Teledyne Technologies announced that it had entered into a definitive agreement to acquire the company for $8 billion,[48][49] against FLIR's 2019 revenue of $1.9 billion.[50] The acquisition was completed in May 2021.[51]

See also[edit]

References[edit]

  1. ^ a b c d "FLIR Systems, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Dinaberg, Leslie (October 1, 2020). "A Hotspot for Seeking Heat". Santa Barbara Independent.
  3. ^ HAMBLING, DAVID (June 27, 2014). "Why Your Phone Needs an Infrared Camera". Popular Mechanics. Archived from the original on 2018-05-08.
  4. ^ a b "Teledyne FLIR Company History". Teledyne FLIR.
  5. ^ SOPER, TAYLOR (January 4, 2021). "Teledyne to acquire thermal imaging company FLIR Systems for $8 billion in cash and stock". GeekWire.
  6. ^ Heberlein, Greg (August 28, 1995). "Gambling With Ipos -- Initial Public Offerings Can Be Risky, But Payoffs Can Be Handsome". Seattle Times.
  7. ^ "FLIR buys Agema". FlightGlobal. January 7, 1998.
  8. ^ "FLIR Systems, Honeywell, Industrial Devices, PC Soft, Robotic Workspace, SST, Visio, Wonderware". Control Engineering. January 1, 1998.
  9. ^ "FLIR Systems Completes Acquisition of Inframetrics". Photonics. April 2, 1999.
  10. ^ "Mergers". FlightGlobal. April 6, 1999.
  11. ^ "COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS". United States District Court for the District of Oregon – via U.S. Securities and Exchange Commission.
  12. ^ "Flir Systems fires its CEO". Albany Democrat-Herald. May 26, 2000.
  13. ^ a b Roland, Neil (October 1, 2002). "No fine as Flir settles with SEC". Seattle Times. Bloomberg News.
  14. ^ a b Hunsberger, Brent (April 26, 2013). "Flir Systems CEO Earl Lewis will step down, hand reins to Andrew Teich". The Oregonian.
  15. ^ "Dreams realized, dreams deferred". American City Business Journals. December 24, 2004. Archived from the original on August 25, 2010.
  16. ^ Troshinsky, Lisa (January 9, 2004). "FLIR Completes Acquisition Of Indigo Systems Corp". Aviation Week & Space Technology.
  17. ^ Siemers, Erik (May 20, 2011). "FLIR to pay $39M to settle lawsuit". American City Business Journals.
  18. ^ Earnshaw, Aliza (March 2, 2007). "Flir on fast track after several years of strong growth". American City Business Journals.
  19. ^ "Flir to restate financial reports". American City Business Journals. March 1, 2007. Archived from the original on March 5, 2007.
  20. ^ Walden, Michael (November 13, 2007). "Court dismisses backdating complaints involving Flir". The Oregonian.
  21. ^ a b "Flir sells Extech Data Systems". American City Business Journals. December 16, 2009.
  22. ^ "FLIR Systems Reports Record Fourth Quarter and Full Year 2007 Financial Results" (Press release). GlobeNewswire. February 7, 2008.
  23. ^ "FLIR Systems Announces Acquisition of Ifara Tecnologias" (Press release). GlobeNewswire. April 8, 2008.
  24. ^ "Ifara Tecnologias, S.L acquired by FLIR Systems". Crunchbase.
  25. ^ "Flir Systems buys Ifara Tecnologias". American City Business Journals. April 8, 2008.
  26. ^ Hunsberger, Brent (December 16, 2009). "Flir Systems sells printer unit to Datamax-O'Neil". The Oregonian. Archived from the original on June 9, 2011.
  27. ^ Hunsberger, Brent (December 28, 2009). "Flir Systems buys security-system supplier for $20 million". The Oregonian. Archived from the original on June 24, 2010.
  28. ^ Hunsberger, Brent (May 14, 2010). "Wilsonville-based Flir Systems outbids Garmin for bankrupt marine GPS maker". The Oregonian. Archived from the original on May 16, 2010.
  29. ^ "FLIR Systems Announces Acquisition of the Stock of Raymarine Holdings" (Press release). GlobeNewswire. May 14, 2010.
  30. ^ "FLIR Systems Completes Acquisition of Lorex Technology for $60 Million" (Press release). GlobeNewswire. December 20, 2012.
  31. ^ "FLIR Systems Sells Retail and SMB Visible-Spectrum Security Business" (Press release). GlobeNewswire. February 6, 2018.
  32. ^ "FLIR Systems Acquires DVTEL, Inc. for $92 Million" (Press release). GlobeNewswire. November 30, 2015.
  33. ^ "FLIR Systems Announces First Quarter 2013 Financial Results and Management Changes" (Press release). GlobeNewswire. April 26, 2013.
  34. ^ Rubenfeld, Samuel (April 8, 2015). "Flir Pays $9.5 Million to Settle FCPA Allegations". The Wall Street Journal.
  35. ^ Spencer, Malia (February 18, 2016). "Flir teams with Caterpillar on a phone that helps you see in the dark". American City Business Journals.
  36. ^ "FLIR Systems Completes Acquisition of Point Grey Research, Inc" (Press release). GlobeNewswire. November 4, 2016.
  37. ^ Glaser, April (December 1, 2016). "The company behind these pocket-sized military surveillance drones just got bought for $134 million". Vox Media. Archived from the original on 2016-12-02.
  38. ^ "FLIR Systems Announces Appointment of James J. Cannon as President and CEO" (Press release). GlobeNewswire. May 23, 2017.
  39. ^ Rogoway, Mike (May 23, 2017). "Flir hires new CEO from Stanley Black & Decker". The Oregonian.
  40. ^ "FLIR Systems Acquires Aeryon Labs for $200M" (Press release). Business Wire. January 28, 2019.
  41. ^ Spencer, Malia (January 28, 2019). "Flir buys Canadian drone maker for $200M". American City Business Journals.
  42. ^ "FLIR Systems Completes Acquisition of Endeavor Robotics" (Press release). Business Wire. March 4, 2019.
  43. ^ Spencer, Malia (February 11, 2019). "Flir buys Boston robotics company for $385M". American City Business Journals.
  44. ^ Spencer, Malia (March 13, 2019). "Wilsonville-based Flir splits its HQ with new Virginia office". American City Business Journals.
  45. ^ Maffei, Lucia (October 4, 2019). "FLIR buys Aria patents, aiming to merge ground and drone robots for military use". American City Business Journals.
  46. ^ Spencer, Malia (April 1, 2020). "Flir releases thermal camera that can detect elevated skin temps". American City Business Journals.
  47. ^ Xiao, Eva (May 21, 2020). "Covid-19 Raises Demand for Temperature Scanners". The Wall Street Journal.
  48. ^ "Teledyne to Acquire FLIR Systems" (Press release). Teledyne Technologies Incorporated. January 4, 2021.
  49. ^ Honovich, John (January 4, 2021). "Teledyne Acquires FLIR". IPVM.
  50. ^ Garg, Himanshu (5 February 2021). "Teledyne Technologies Has Acquired FLIR Systems: A Frost & Sullivan Viewpoint". Frost & Sullivan. Retrieved 13 June 2021.
  51. ^ "Teledyne Completes Acquisition of FLIR" (Press release). Business Wire. May 14, 2021.

External links[edit]