Philips has reached an agreement with the shareholders of Shenzhen Goldway Industrial to acquire all outstanding shares in Goldway for an undisclosed fee.
Goldway will become part of the Patient Monitoring business within Philips’ Healthcare sector when the transaction closes in the second quarter of 2008
Goldway manufactures patient monitoring solutions that range from basic standalone to more fully-equipped monitors, including products that have been FDA approved in the US or carry CE certification in Europe.
The acquisition is expected to broaden Philips’ presence in the Chinese healthcare market, which is estimated to be growing at approximately 10 per cent per year.
‘Philips already has a leading position in the premium segment of China’s patient monitoring market,’ said Deborah DiSanzo, senior vice president and general manager of Philips’ Patient Monitoring business. ‘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, not only for the Chinese market, but for export to other value-conscious, high-growth markets around the world.’