Chinese-Based Monitoring Company Acquired by Philips
An agreement between Shenzhen Goldway Industrial, Incorporated and Royal Philips Electronics was completed whereby Philips will acquire the remaining shares of Shenzen. The terms of the deal were not publicly disclosed. The deal is expected to close by the end of the second quarter.
Goldway is the second largest patient monitoring company based in China. The Chinese company has an array of products for patient monitoring, these range from a simple standalone monitoring systems to a more extensive, fully-equipped patient monitor.
The company will be integrated into Philips Healthcare’s patient monitoring business division. The company has existing partnerships with the majority of large- and mid-sized hospitals across the country.
This purchase will provide Philips with a larger presence in the Chinese healthcare market. At this time, Philips’s data indicates that the national marketplace in China is growing at an annual rate of ten percent.
Philips also recently completed a large research contract with the West China Hospital, described on HospitalBuyer, to develop new imaging tools. This is just one of the recent purchases completed by Philips. Others noted on HospitalBuyer include TOMCAT Systems, Respironics, Visicu, and Emergin among others.
April 14, 2008 Related topics: Monitoring, Mergers & Acquisitions