Royal Philips Electronics has reached an agreement with the shareholders of Shenzhen Goldway Industrial to acquire all outstanding shares of the Shenzhen, China-based patient monitoring company.
Financial details of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2008, upon which Goldway will become part of the patient monitoring business within Philips’ healthcare division.
Goldway offers patient monitoring solutions that range from basic standalone to more fully-equipped monitors. The acquisition will secure a broader presence in the Chinese healthcare market, which is estimated to be growing at approximately 10 percent per year, according to Philips.
“This acquisition offers us a perfect opportunity to further strengthen our position in China and to increase our presence in other emerging markets. Goldway has a track record of providing excellent medical devices that are complementary to Philips’ existing patient monitoring product base,” said Deborah DiSanzo, senior vice president and general manager of Philips’ Patient Monitoring business.
Goldway is the second largest domestic patient monitoring company in China with access to mid- and large-size hospitals throughout the country. Employing a staff of 290, the company grew its 2007 sales by approximately 30 percent, Philips said.
Royal Philips Electronics has acquired a number of companies, including Health Watch, a provider of personal emergency services, for approximately $130 million. Other acquisitions include Tomcat Systems, Respironics, Visicu, Emergin, Lifeline Systems and Raytel Cardiac Services.