January 6, 2021 – Teledyne Technologies Inc. and FLIR Systems Inc. have entered into a definitive agreement under which Teledyne will acquire FLIR in a transaction valued at about $8 billion US.

“We could not be more excited to join forces with Teledyne through this value-creating transaction,” said Jim Cannon, FLIR president & CEO. “Together, we will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications across a well-balanced, global customer base.”

“At the core of both our companies is proprietary sensor technologies,” said Robert Mehrabian, executive chair, Teledyne, adding, “[Our] technologies and products are uniquely complementary—with minimal overlap—having imaging sensors based on different semiconductor technologies for different wavelengths”.

The transaction, which has been approved by the boards of both companies, is expected to close mid-2021, subject to the receipt of required regulatory approvals and other customary closing conditions.

Teledyne is a provider of instrumentation, digital imaging products and software, aerospace and defence electronics, and engineered systems. FLIR is an industrial technology company focused on intelligent sensing solutions for defence and industrial applications.