Philips further expands healthcare business in emerging markets by acquiring ultrasound equipment firm Shanghai Apex Electronics
Amsterdam, the Netherlands and Shanghai, China – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it has acquired Shanghai Apex Electronics Technology Co. Ltd.(“Apex”), a leading Chinese manufacturer of ultrasound transducers - key determinants of image quality for ultrasound systems. The acquisition strengthens Philips’ portfolio of high quality transducers specifically aimed at the value segment in emerging markets.
“As healthcare infrastructure develops in emerging markets such as China, the need for imaging solutions in the value segment of the market is growing rapidly. Strengthening our ultrasound capabilities in these markets is essential, as ultrasound is a critical yet affordable and mobile modality for early diagnosis and real-time imaging,” said Steve Rusckowski, CEO of Philips Healthcare. “The acquisition of Apex underlines our conscious decision to step up investments in these markets, and will allow us to deliver on our commitment to deliver healthcare solutions that meet the diagnostic requirements and budgets of our customers in emerging markets.”
Ultrasound is a widely used diagnostic procedure that provides a non-invasive and real-time method of observing soft tissue anatomy.
The acquisition marks another step in Philips’ expanding presence in emerging markets, following the earlier acquisitions of Meditronics and Alpha X-Ray Technologies in India, Shenzhen Goldway Industrial in China, and VMI Sistemas Medicos and Dixtal in Brazil. In 2009, Philips also announced the establishment of an industrial and R&D facility for imaging systems in Suzhou, China. Most recently, in 2010, Philips acquired healthcare informatics company Tecso Informatica in Brazil and established a partnership with medical equipment manufacturer Electron for the development of healthcare products in Russia.
Founded in 1998 and employing over 130 employees, Shanghai Apex Electronics is one of the leading manufacturers of ultrasound transducers for medical equipment companies in emerging markets. Financial details of the acquisition were not disclosed.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified health and well-being company, focused on improving people’s lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs more than 116,000 employees in more than 60 countries worldwide. With sales of EUR 23 billion in 2009, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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