Philips Medical Systems said that it plans to buy VMI-Sistemas Medicos, a Brazilian imaging diagnostic company based in Minas Gerais. The transaction is expected to close in Q2 2007, though no financial details were disclosed.
“By acquiring VMI, Philips can offer customers in Brazil and across Latin America a more complete medical diagnostic imaging product portfolio. This is our first acquisition of a healthcare company in a developing economy and it endorses the company’s global strategy of focusing on healthcare and investing in emerging markets, looking for solutions especially developed to address local needs,” said Steve Rusckowski, CEO of Philips Medical Systems.
Philips is making the move to become a leader in general x-ray in Brazil. Furthermore, by capitalizing on VMI’s distribution network – Philips believes this move will further boost growth: “Through this deal, we can build on VMI’s extensive sales and services channels in Brazil to further increase Philips’ access to local customers and provide a benefit to hospitals through a wider product portfolio,” said Daurio Speranzini, head of Philips Medical Systems in Latin America.
VMI-Sistemas Medicos, which started in 1985, has a strong presence in the analogical and digital x-ray market as well as in the cath lab, mammography and ultrasound markets.