The more than 400 employees of Raymarine Group have been transferred to FLIR Systems as part of the sale announced Friday and FLIR has no intention of closing the Raymarine facilities.
FLIR purchased Raymarine for approximately $180 million, which includes repayment of all of Raymarine's indebtedness and approximately $24 million in proceeds to Raymarine plc.
The acquisition represents the entire business operations of Raymarine and its subsidiaries, according to FLIR.
Portsmouth, England-based Raymarine also said its management has been transferred to FLIR, headquartered in Portland, Ore., with the sale and FLIR will honor management's contracts.
"Suppliers should continue to work with Raymarine as normal," the company said in a statement for shareholders. "All trade creditors will be paid in the normal course of business.
"The transaction ensures business as usual for all customers and suppliers of the Raymarine Group," Raymarine said in a statement. "The entire trading business of Raymarine has been sold to FLIR and will continue to operate as normal."
Raymarine plc went into administration Friday after it was unable to meet its repayments. The administrators completed the sale of the company to FLIR. No shareholder vote was conducted.
"We are pleased to announce this strategically compelling transaction," said Earl Lewis, president and CEO of FLIR, in a statement released following the sale. "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."
