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FLIR Systems Announces Acquisition of the Stock of Raymarine Holdings

PORTLAND, OR, May 14, 2010 (MARKETWIRE via COMTEX) -- FLIR Systems, Inc. announced today that it has entered into a definitive agreement with the Administrator of Raymarine plc to acquire all of the outstanding shares of its wholly owned subsidiary, Raymarine Holdings Limited. The 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.

Raymarine, a world leader in the marine electronics industry, provides the most comprehensive range of electronic equipment for the recreational boating and light commercial marine markets. For the twelve months ended December 31, 2009, Raymarine reported revenue of approximately $170 million.

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, nearly all of which are additive to FLIR's existing distribution. FLIR plans 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.

"We are pleased to announce this strategically compelling transaction," commented Earl Lewis, President and CEO of FLIR. "Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our Commercial Systems business. I welcome Raymarine's employees to FLIR."
FLIR anticipates this transaction will be neutral to 2010 earnings, excluding one-time charges, and accretive in subsequent years.

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Previously:
2008 V358/Volvo 5.7 GXi Inboards

I had seen an article a couple of weeks ago that Garmin was trying to acquire Raymarine. I think this is a lot better situation for the workers. I have a slight interest since we do a lot of the printing for the New Hampshire operation. They're really nice people and I hope this works for the best.

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2010 H190 4.3VP
Tow Vehicle:
2007 F150
Previous boats:
2009 H180 3.0VP
1996 Horizon QX 3.0VP