New Delhi, Nov 21 (UNI) To further strengthen its position in the economy healthcare segment, Philips Electronics India today announced the acquisition of Mumbai-based X-ray machines manufacturer 'Meditronics'.
''The acquisition of meditronics highlights our efforts to expand our healthcare business in emerging markets particularly in India,'' company CEO Gerard Kleisterlee told reporters here.
He, however, did not disclose the financial details of the acquisition.
This acquisition will largely cater to the needs to the domestic healthcare market, particularly the general X-ray segment which is estimated to grow at an annual rate of 10 per cent, Mr Kleisterlee said.
The company will also export some units from the acquired firm to other countries.
This is the company's second acquisition of a healthcare equipment manufacturer in the country after it acquired Alpha X-Ray technologies.
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