Medical imaging specialist Barco has signed an agreement to acquire Italy-based display company FIMI, a fully owned subsidiary of Philips Electronics’ Healthcare business, for €19m (£17m) in cash.
The contract provides for an additional earn-out of €10m over the next five years.
Piet Candeel, vice-president of Barco’s Medical Imaging Division, said: ‘While FIMI’s main strength lies in dedicated modality monitors, patient monitoring and mobile point-of-care devices, Barco is a market leader in the diagnostic and mammography display market.
‘By bringing all this expertise under one roof, we can offer our customers an even more comprehensive medical display portfolio for their various visualisation requirements.’
FIMI generated revenues of €42m in 2008 and employs around 80 permanent employees, predominantly based in Saronno.
Philips said in a statement that the sale is in line with its strategy to divest non-core activities and focus on expanding its growth platforms, such as Home Healthcare Solutions and Imaging Systems.