FLIR Systems Inc. announced 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 12 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-plus 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," said 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.

About FLIR Systems
FLIR Systems Inc. is a world leader in the design, manufacture, and marketing of thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security.

About Raymarine
Raymarine is a world leader in the supply of electronic products for the recreational and light commercial marine markets. It manufactures a comprehensive range of marine navigation, communication and safety products including multifunction displays, radars, autopilots, cameras, fishfinders, GPS enabled chartplotters, automatic identification systems and instruments. The Raymarine Group is headquartered in Portsmouth, United Kingdom, and maintains offices in the United States, Australia, Singapore, France, Germany and Italy.