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FLIR Systems, Inc.

FLIR Systems is an international company headquartered in Wilsonville, Oregon, USA that specializes in the design, engineering, production, sale, and support of thermal imaging cameras, components, and imaging sensors. Founded in Tigard, Oregon, USA in 1978, FLIR is the world’s largest commercial infrared company; additionally, it is a component of the S&P 500 index and traded on the NASDAQ exchange. It has annual revenues in excess of $1.5 billion (US) as of 2013, and produces visible-light security systems and recorders, test and measurement tools and meters, and marine electronics in addition to thermal imaging cameras.

In the spring of 2013, Andrew C. Teich became FLIR's chief executive officer and president after the retirement of Earl Lewis. FLIR employs over 3,000 people worldwide.

1978-2000
FLIR was founded in 1978 with the goal of creating a camera that could be mounted to a vehicle and used to scan a home’s exterior to detect heat loss and energy waste. Its name is derived from the acronym for forward-looking infrared imaging systems.

An early camera design was adopted for airborne use and demonstrated to the Texas Department of Public Safety. This camera evolved into the FLIR 2000 – an airborne version of their earlier camera that could be mounted on the small airplanes and helicopters used by state and local law enforcement agencies.

The company began a phase of growing its business through strategic acquisitions and the development of the component technologies required to make thermal cameras. They acquired the Probeye handheld camera line and technology from Hughes Aircraft's industrial infrared group in 1990. The Probeye acquisition allowed FLIR greater penetration into the predictive maintenance and industrial thermography markets.

With a June 1993 IPO the company became publicly traded. The IPO raised $11.5 million for the company with shares offered at $12.50. In 1994, they had grown to sales of $47 million annually. The next year J. Kenneth Stringer III was named the company's president.

In 1997 FLIR acquired the Swedish company Agema. Formerly AGA, Agema made cameras for predictive maintenance and building diagnostics.

The company introduced the Star SAFIRE series of imaging system in 1998, moving FLIR away from longwave infrared (LWIR) scanning imagers towards midwave infrared (MWIR) staring arrays. These systems have been used on UH-60 Blackhawk helicopters for the US Army, and UH-1N helicopters for the US Marine Corps. In 1999, the company finalized the acquisition of Inframetrics, a Massachusetts-based company with thermography and airborne law enforcement products.

President Kenneth Stringer was fired in 2000 due to accounting irregularities and the resulting an Securities and Exchange Commission (SEC) investigation. Two years later, in September 2002, the SEC sued over these accounting irregularities, and the next year three executives at the company were charged with fraudulent accounting related to the SEC case that included claims of inflated sales.

2000-Present
Earl Lewis was named FLIR’s CEO in 2000 and began to position the company to introduce thermal imaging technology to high-volume markets through targeted acquisitions aimed at companies specializing in the component technologies inside thermal camera: detectors, sensor modules, optics, and software.

FLIR acquired Indigo Systems of Goleta, California, USA in 2004. Indigo designed and produced thermal imaging detectors, electronics, and optics. The Indigo acquisition allowed FLIR to begin developing low-cost uncooled thermal imaging systems targeted at commercial applications.

The company began supplying BMW with imaging technology for use on the luxury automaker's vehicles in 2005. Also in 2005, FLIR was named the 55th fastest-growing company on CNNMoney's list of the 100 fastest-growing tech companies. 2006, FLIR was listed as the 83rd best small business by Forbes. The previous year they were ranked 39th. That July, FLIR announced a seven-year contract worth up to $250 million with the United States Army for cameras to be installed on helicopters.

In March 2007, the company reported that it would restate its financial statements for the period from 1995 to 2005, primarily to record non-cash charges for compensation expense relating to past stock option grants. They were also sued by investors over these same allegations.

Growth through acquisition continued as the company purchased Extech Instruments in October 2007 for $40 million, the purchase of bankrupt Raymarine in May 2010 for $180 million , and Traficon International for $46 million in December 2012. They acquired Lorex Technologies in late 2012.

Andrew C. Teich became FLIR's chief executive officer and president in the spring of 2013 after the retirement of Earl Lewis. Under Lewis’ tenure, FLIR’s annual revenues grew from $200 million in 2000 to $1.4 billion through 2012. Revenues for 2013 were reported to be $1.5 billion.

At the 2014 Consumer Electronics Show, FLIR unveiled the FLIROne – a thermal imaging accessory for the iPhone 5 priced at under $350.

Operations
FLIR has over 3,000 employees and offices in 60 countries around the world. It has major manufacturing centers in Wilsonville, Oregon (also the corporate headquarters), Goleta, California, Nashua, New Hampshire, Billerica, Massachusetts, and Danderyd, Sweden, with additional engineering and manufacturing centers in Orlando and Niceville, Florida, Bozeman, Montana, and Estonia.

Business segments
The company is structured to focus on six specific business segments. The Surveillance group addresses high-end military and other governmental thermal imaging markets. The Instruments segment produces thermography cameras for building inspection, predictive maintenance, and R&D, as well as test and measurement tools. Development of OEM camera cores and components, new technologies, and new applications for existing technologies are served by the OEM & Emerging Markets group. Marine electronics including thermal cameras under both the FLIR and Raymarine brands fall under the Maritime segment. Thermal and visible light cameras for industrial, commercial, and residential security are serviced under the FLIR and Lorex brands by the Security segment. The Detection segment produces sensors for chemical, biological, radiation, and explosive detection.