![]() When asked why the Lorex business was sold for less than it was acquired for in 2012, the spokesperson cited the pressures that margin structures are under in the consumer segment as the primary factor. ![]() “As we assessed our position and opportunities in the security and surveillance space, we determined that this business no longer fits our strategy to build intelligent, turn-key security solutions that are based on multiple wavelengths.” “This divestiture will focus our security business on critical infrastructure and enterprise segments of the broader security market, which are attractive customer bases for our differentiating technologies,” Jim Cannon, President and CEO of FLIR, said in a statement on Tuesday. "We’ve told our investors for some time and have been executing along the lines of a continual reduction of the costs of thermal imaging technologies with the ultimate goal of providing thermal imaging technology to a very broad base of users at very low cost."Īlthough a company spokesperson said that FLIR has driven down the cost of ownership of thermal sensors “quite meaningfully,” the company no longer views the consumer segment as strategic for their security business and has instead shifted its focus to the critical infrastructure and enterprise market verticals. "It plays into our strategy of not where we are today, but where we are headed," FLIR’s former CEO Andy Teich told in an interview shortly after the acquisition was announced in 2012. Under the terms of the agreement, FLIR will receive approximately $29 million in cash and expects to record a GAAP non-cash charge of $23.6 million related to the divestiture.įLIR initially acquired Lorex in late 2012 for CAD$59 million as part of an effort to bring thermal imaging technology to a broader customer base. There are over 100 products involved in the sale of these two businesses, including all Lorex, Digimerge and FLIR visible spectrum SMB products. ![]() ![]() ![]() According to a statement issued by FLIR, these businesses, whose products are sold globally to both consumers and SMBs through various distribution channels, generated $140 million in revenue in 2017. FLIR Systems on Tuesday announced that it has sold Lorex, its Canada-based security products subsidiary, along with its Toronto-headquartered small and medium-sized (SMB) security products business to China-based video surveillance giant Dahua. ![]()
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