Date:22/11/2008 URL: http://www.thehindu.com/2008/11/22/stories/2008112256111400.htm

Business

Philips acquires Meditronics

Special Correspondent

Company’s imaging systems business will strengthen further

— PHOTO R. V. MOORTHY

AFFORDABLE HEALTHCARE: From left: Murali Sivaraman, CEO, Philips Electronics India, Gerard Kleisterlee, President and CEO, Royal Philips Electronics and Ronald de Jong, CEO, Philips Healthcare, at a press conference in New Delhi on Friday.

NEW DELHI: The Netherlands-based Royal Philips Electronics has acquired India-based Meditronics, a leading manufacturer of general X-ray systems.

“Upon closing of this transaction, , which is subject to regulatory approvals, in the fourth quarter of 2008, Meditronics will become part of the imaging systems business within Philips’ healthcare sector,” a company statement said.

Commenting on the deal, Philips Chief Executive Officer Gerard Kleisterlee said: “The latest acquisition just two months after we announced the acquisition of Alpha (another Indian firm), highlights our accelerating efforts to expand our healthcare business in emerging markets, and India in particular.”

Meditronics’ high-quality proven economy segment product portfolio complements Philips’ existing high-end general X-ray range, and further strengthens Philips’ leading position in India’s high-growth imaging and monitoring equipment market.

PTI reports:

Right sizing

The company Royal Philips Electronics plans to ‘right size the organisation’ in some developed countries in the area of manpower, even as it may hire more people in India.

“We are not immune to global economic (problems). If consumers are spending less, we are affected. We will right size the organisation in some developed economies,” Mr. Kleisterlee said.