The US thermal imaging group Flir has bought Raymarine in a $180m (£124m) deal after the debt-laden British manufacturer's banks put it into administration.

Its shares, which started the day at 14½p, were suspended at 18¾p after its lenders demanded immediate repayment of their loans and the company was placed into administration.

Struggling Raymarine, the producer of boat electronics, is holding discussions with the US satellite navigation firm over the issue of acquisition of its business.

Portsmouth-based Raymarine's market value has plunged from £390 million in 2007 to £10 million, indicating the decline in the demand of its products.