Flir announced that it has reached a definitive asset purchase agreement to acquire the business of Point Grey Research for approximately 253 million US dollar in cash.

The addition of the Point Grey business will augment Flir's existing OEM cores and components business by adding a broad range of visible spectrum machine vision cameras and solutions. Additionally, Flir's thermal sensor technology, with its unique ability to remotely measure temperature, see through factory obscurants such as smoke and steam, and accurately detect and characterize human activity in retail settings, will further extend Point Grey's product range into new application spaces. The business will become Flir's Integrated Imaging Solutions line of business operating within the OEM and Emerging segment.

"We're excited to add the broad range of innovative products from Point Grey to Flir as together we have a unique capability to create advanced sensing solutions for the broad machine vision market," said Andy Teich, President and CEO of Flir. "Thermal imaging technology provides vision systems customers an alternative imaging spectrum that offers a rich, largely untapped layer of information that can be further leveraged. Point Grey's global presence and credibility in industrial vision systems provides a strong platform for us to integrate our leading thermal technology. Point Grey is a proven, high-performing business with an impressive set of products, customers, processes, and people, all of which we see as being highly synergistic and strategically significant to Flir. We welcome the Point Grey employees to Flir and look forward to creating highly valuable solutions for a wide array of intelligent imaging applications."

The transaction is expected to be completed in the fourth quarter of 2016. Flir anticipates the business and related transaction costs will be approximately 0.01 US dollar dilutive to its 2016 earnings per share and accretive for 2017.