Philips announces acquisition of Meditronics

Mumbai, Nov 21: Philips Electronics, a global leader in Healthcare, Consumer Lifestyle and Lighting, on Friday, Nov 21 announced the acquisition of Meditronics, a leading manufacturer of General X-Ray systems targeting the economy segment in India. Royal Philips Electronics President and Chief Executive Officer Gerard Kleisterlee, in a statement issued here today said, ''It is estimated that the General X-Ray segment of the Indian market will show annual growth rates of 10 per cent or higher. This acquisition gives Philips access to strong sales and distribution channel for the economy segment as Meditronics has a dealer network of 25 dealers with large geographical coverage, focused on mid/low end X-Ray business.''

Also outlining the Company's focus on India as an emerging global market, he said, ''Executing on our strategic decision to scale up our presence in emerging markets has been an important element of Philips' transformation into a focused, less-cyclical company in recent years. We are committed to continue this course of action by increasingly redirecting resources to help fuel growth in emerging markets, and build up our industrial footprint in this cost-effective and high-quality manufacturing environment - for Healthcare, Consumer Lifestyle and Lighting sectors.''

UNI