Saab to sell Optronics Division to FLIR Systems
10 May 2001
SaabTech Electronics AB announced today that it has signed a letter of
intent to sell its Optronics Division to FLIR Systems, Inc. (Nasdaq:
FLIR), the world leader in design, manufacture and marketing of thermal
imaging and broadcast camera systems. At the same time Saab and FLIR
will sign an agreement of cooperation.
The SaabTech Optronics Division is a supplier of thermal imaging
subsystems for missile and other weapons systems to defense electronic
firms throughout Europe.
The transaction follows Saabs strategic plan to concentrate on a fewer
number of core technology areas. At the same time the cooperation-
agreement gives Saab access to the latiest IR-technology.
"We are delighted to announce this proposed transaction," commented Earl
R. Lewis, President and Chief Executive Officer of FLIR Systems, Inc.
"The acquisition of the Optronics Division of SaabTech Electronics
represents a significant strategic opportunity to further extend FLIR
product offerings into weapon sight applications as well as through
continued sales to the Saab Group".
The transaction involves the sale of all assets of the Optronics
Division in exchange for 100,000 shares of FLIR common stock. The
acquisition is expected to be completed this summer.
FLIR Systems, Inc. is a world leader in the design, manufacturing and
marketing of thermal imaging and broadcast camera systems for a wide
variety of thermography and imaging applications (www.flir.com ).
Saab is one of the world's leading high-technology companies, with its
main operations focusing on defence, aviation and space. The group
covers a broad spectrum of competence and capability in systems
For further information, please contact:
Dan Jangblad, Business Area Director, Saab Systems and Electronics
Phone: +46 8 580 840 00
Daniel Manitakos, vice president, FLIR Systems Inc.
Phone: +1 978 901 80 00
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Last updated: 23 January 2015 • 14:43