Jerry Blakeley, president and owner of Extech Instruments, has agreed to sell the company to Flir Systems in a deal understood to be valued at US$40 million
The transaction is subject to various standard closing conditions and is expected to complete within the fourth quarter.
Extech is a supplier of test and measurement instruments in addition to portable receipt printers and has an established distributor network covering 90 countries.
Extech, known for an innovative approach to product development, has made extensive use of infrared technology for both measurement and for communication.
Extech holds five patents incorporating IR in measurement instruments.
It was the first company to introduce a portable printer with IrDA wireless communication.
The acquisition will create opportunities in distribution, product development and in branding to further Extech's position in competitive markets.
Extech's product portfolio will increase, adding thermal imagers and Infrared (IR) cameras to the current 15 product categories.
The Flir-Extech relationship solidifies Extech Instruments as a major world global force in the hand-held and portable instrumentation market.
Jerry Blakeley notes: "This is an exciting opportunity for Extech, for our customers, our distributors and our employees.
I am looking forward with vigour to both enhancing and improving not only our product line but also the service we provide our customers.
"The Extech brand will be stronger as a result of this acquisition".
