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© flir Electronics Production | September 12, 2017

Flir Systems realigns operating segment structure

Flir Systems says that it will realign its business operations into three principle business units: Government and Defense, Industrial, and Commercial.
With this consolidation, Flir intends to reduce complexity, realise greater operating synergies, and enhance management focus. Flir expects to report its financial results in accordance with this new operating structure beginning with its first quarter 2018 operating results.

The Government and Defense business unit will consist of the current Surveillance and Detection segments, excluding the Outdoor and Tactical Systems (OTS) business. The unit will be led by Flir President and CEO, Jim Cannon, until a permanent President is appointed.

The Industrial unit will consist of the current Instruments and OEM and Emerging segments, excluding the Intelligent Traffic Systems (ITS) business. Frank Pennisi, who joined Flir in 2017 as Vice President and General Manager of the OEM and Emerging operating segment, will serve as President of the Industrial business unit.

The company’s Commercial business unit will consist of the current Maritime and Security segments, along with the ITS and OTS businesses. Travis Merrill, currently Flir's Senior Vice President and Chief Marketing Officer, will serve as President.

"Streamlining our operations will enable growth and enhanced value creation across all of our businesses," said Jim Cannon, President and CEO of Flir. "I've spoken about my intent for us to fuel, feed, or focus various businesses in our portfolio and this realignment will enable and accelerate that pursuit."

With this realignment, Tom Surran, Senior Vice President and Chief Operating Officer, has announced his resignation, effective September 30, 2017.

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November 14 2017 8:30 PM V8.8.9-2