Dutch consumer electronics major Royal Phillips Electronics has acquired Mumbai-based Meditronics, a leading manufacturer of general x-ray systems, targeting the economy segment in India.
Upon closing of this transaction in the fourth quarter of 2008, which is subject to certain contractual and other conditions such as regulatory approvals, Meditronics will become a part of the imaging systems business within Phillips healthcare sector.
However, the company declined to give out the financial details of the agreement.
Phillips Chief Executive Officer (CEO), Gerard Kleisterlee, said: “The acquisition of Meditronics just two months after we announced the acquisition of Alpha highlights our accelerating effort to expand our healthcare business in emerging markets and India in particular.”
This is the fifth consecutive acquisition by Phillips Healthcare in emerging markets since mid-2007 and according to Kleisterlee, will lead to significant expansion of Phillips Healthcare industrial and commercial footprint in India.
