Sensor Developer ICx to Merge into FLIR Systems

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FLIR Systems, Inc. (Nasdaq:FLIR) has submitted an offer to merge ICx Technologies, Inc. (Nasdaq GM:ICXT) into FLIR Systems. ICx Board of Directors has unanimously accepted FLIR’s offer to pay $7.55 in cash for each of ICx shares.

The transaction could be completed in the fourth quarter this year. ICx is a developer of advanced sensor technologies for homeland security, force protection and commercial applications.

ICx revenues have dropped in the first half of 2010 to $77 million, down from $92 million for the same six months last year. However, the company’s funded backlog has increased, 38% to $73 million from the beginning of the year.