Monday, 8 September 2008
Philips Acquires Indian X-Ray Systems Company, Expands Healthcare |
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Royal Philips Electronics said Monday that it has inked an agreement to acquire Alpha X-Ray Technologies, an India based manufacturer of Cardiovascular X-Ray systems.
This move is seen as another win in an already burgeoning bag for Philips whose earlier acquisitions of healthcare companies include Brazilian Dixtal Biomédica e Tecnologia, Shenzhen Goldway Industrial in China and VMI Sistemas Medicos in Brazil.
“The acquisition of Alpha is another great example of how Philips continues to strengthen its industrial and commercial footprint in emerging markets. It provides us with significant presence in the high-growth economy segment for Cardiovascular X-Ray systems, underlining our commitment to deliver affordable healthcare solutions in emerging markets,” said Ronald de Jong, CEO Emerging Markets of Philips Healthcare.
The global Cardiovascular X-Ray market is estimated to be worth EUR 1.8 billion and analysts estimate that the economy segment is the fastest growing segment of the global Cardiovascular X-Ray market, with anticipated annual growth rates of 10% to 15% in coming years.
“Furthermore, this acquisition highlights the pivotal role India plays in Philips’ emerging markets growth strategy. Going forward, we are committed to leverage both organic and inorganic opportunities to drive growth in India,” said Murali Sivaraman, CEO of Philips Electronics India Ltd.
Financial details of this agreement were not disclosed. |
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