Royal Phillips buys Meditronics of India – X Ray Systems
Posted Nov 24 2008 3:48pm
Pharma is not the only industry investing in technology and companies outside the US. In a related story, in Andover, Massachusetts the company is laying off 5 percent of their work force, from the Boston Globe. BD
Dutch consumer electronics major Royal Phillips Electronics has acquired Mumbai-based Meditronics, a leading manufacturer of general x-ray systems, targeting the economy segment in India.
Phillips Chief Executive Officer (CEO), Gerard Kleisterlee, said: “The acquisition of Meditronics just two months after we announced the acquisition of Alpha highlights our accelerating effort to expand our healthcare business in emerging markets and India in particular.”
This is the fifth consecutive acquisition by Phillips Healthcare in emerging markets since mid-2007 and according to Kleisterlee, will lead to significant expansion of Phillips Healthcare industrial and commercial footprint in India.