Royal Philips Electronics has reached an agreement to acquire Meditronics, a manufacturer of general x-ray systems targeting the economy segment in India.
Upon closing of the transaction in the fourth quarter of this year, which is subject to certain contractual and other conditions such as regulatory approvals, the Mumbai, India-based Meditronics will become part of the imaging systems business within Philips Healthcare. Financial details of the agreement were not disclosed.
The announcement is Philips' second acquisition within the last three months of a healthcare equipment maker in India specialized in supplying products for the economy segment. Philips announced in early September the acquisition of Alpha, a manufacturer of cardiovascular x-ray systems.
"The acquisition of Meditronics, just two months after we announced the acquisition of Alpha, highlights our accelerating efforts to expand our healthcare business in emerging markets and India in particular. This underlines our conscious decision to step up investments in these high-growth areas while also delivering on our commitment to supply affordable healthcare solutions in emerging markets,” said Philips CEO Gerard Kleisterlee.