Boating Business January 2021

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boatingbusiness.com

JANUARY 2021

Washington Post 6 | Person Behind the Face 6 | Marketing 11 | Business Matters 12 | People 22

TELEDYNE TO BUY FLIR SYSTEMS

NEWS

Sailor’s death Worldwide distributor Acquisition pages 1-11 Teledyne Technologies has entered into an agreement to acquire FLIR Systems. The cash and stock transaction is valued at around $8bn. Under the terms of the agreement, FLIR stockholders will receive $28 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, implying a total purchase price of $56 per FLIR share. Teledyne will fund the acquisition with $4.5 billion financing. Both companies welcomed the news. “At the core of both our companies is proprietary sensor technologies,” said Robert Mehrabian, Teledyne executive chairman. “Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers. “However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths.”

8 FLIR Systems is to be sold to Teledyne Technologies

Earl Lewis, chairman of FLIR, added: “FLIR's commitment to innovation spanning multiple sensing technologies has allowed our company to grow into the multi-billion-dollar company it is today. “With our new partner's platform of complementary technologies, we will be able to continue this trajectory.” The transaction has been approved by the boards of directors of both companies and is expected to close in he middle of 2021 subject to the receipt of required regulatory approvals. Teledyne provides sophisticated instrumentation, digital imaging products and software. The company operates primarily in the US, Canada, the UK and Western and Northern Europe. FLIR focuses on infrared imaging systems. The company's brands include Raymarine.

NEW PRODUCTS

Most powerful Replacement High Contrast pages 13-16

CLOTHING

LEWMAR CHOOSES DIRECT MODEL Lewmar is to operate as a direct B2B supplier to all retail outlets, OEM clients and approved installers in the UK. The announcement - taking effect immediately - puts an end to the company's partnership with its long-standing distributor Aquafax. Lewmar says the decision is in response to both changing consumer demands and in an effort to increase brand presence in its home market. “Our aim as the leading UK leisure marine manufacture is to increase the volume of product into the marketplace and allow it to become more accessible, for the OEM builder through to end users either via our approved installer network or retailers,” said UK direct manager, Adam Cockerill. “We are confident that this new strategy will help continued growth in the UK sector, improving customer experience.” He added: “With new systems and additional team members in place, Lewmar is poised to offer seamless operational management to our UK clients. We would finally like to thank Aquafax for their work over the past 12 years.” And he said Lewmar will continue to work closely with its distributor network throughout the rest of the world.

New sole Six years Less water pages 18-21

PROFILE

8 Lewmar is to supply its products direct to customers

Lewmar supplies hatch, anchoring, docking, deck hardware and glazing solutions.

John Burnie Discovery Shipyard MD page 25


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