Philips Electronics India today announced the acquisition of Mumbai-based X-ray machines manufacturer Meditronics for an undisclosed amount.
“The acquisition underlines our decision to step up investment in high-growth areas while also delivering on our commitment to supply affordable healthcare solutions in emerging markets,” CEO of parent company Royal Philips Electronics, Mr Gerard Kleisterlee told reporters here.
However, he declined to give financial details of the deal like, how much the company paid or what the turnover of Meditronics was in the last financial year. The acquired firm will largely cater to the Indian healthcare market. However, Philips will also export some units to emerging and developed markets.
Philips will invest to expand sales in the Indian market and increase research and development expenditure in the country.
“We have high double-digit growth in India and as we continue to grow at this rate”, he said.
Source: The Statesman