FLIR has announced it is undertaking a restructuring program and a formal process to evaluate divesture of Raymarine.
US-based Flir Systems, parent company Raymarine, has announced that it will be consolidating its business unit structure and has entered a formal process to evaluate divesture of Raymarine.
In the company statement, FLIR President and CEO Jim Cannon said, “To better position FLIR to deliver long-term growth through the execution of our strategic priorities, we have launched, Project Be Ready”.
This initiative aims to simplify our product portfolio and better align resources with higher growth opportunities while reducing costs. Through Project Be Ready, FLIR have discontinued certain non-core consumer centric product lines within the outdoor and tactical systems business and have entered into a formal process to evaluate divestiture of Raymarine non-thermal maritime electronics business.
The remaining businesses within the Commercial Business Unit will be integrated into the Industrial Business Unit beginning in the first quarter of 2020.