$60 million buys Lorex Technology for Flir Systems
Flir Systems has completed its previously announced acquisition of Lorex Technology for $1.32 per share, representing a total purchase price of $60 million.
In October 2012, thermal imaging specialist Flir announced it had entered into an agreement to acquire Lorex. The transaction was completed by a Flir subsidiary purchasing all the outstanding shares of 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 of the proposed plan of arrangement. The plan of arrangement was approved by Lorex's shareholders in December.
Lorex, based in Ontario, produces home security video surveillance systems that can be installed by the user as well as providers of video surveillance products and security system integrators.
'Adding Lorex will complement our product and distribution capabilities in our existing security markets,' said Earl Lewis, president and CEO of Flir. '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.'