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Philips plans to acquire major Chinese patient monitoring group

Philips Medical Systems : 11 April, 2008  (Company News)
Philips has agreed with the shareholders of Shenzhen Goldway Industrial to acquire all outstanding shares in Goldway, which is the second largest domestic patient monitoring company in China.
The transaction is expected to close in the second quarter of 2008, upon which Goldway will become part of the Patient Monitoring business within Philips’ Healthcare sector. Philips is the market leader in the global patient monitoring market, which in 2007 was estimated to be approximately euros 2 billion (or approximately $3 billion).

Deborah DiSanzo, senior vice president and general manager of Philips' Patient Monitoring business said: 'Philips already has a leading position in the premium segment of China's patient monitoring market. 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.'

Goldway offers patient monitoring solutions that range from basic standalone to more fully-equipped monitors, including products that have been FDA approved in the USA or carry the CE certification in Europe. In addition, Goldway has a strong dealer network, hospital focused service capabilities as well as cost effective manufacturing operations that all contribute significantly to its competitive position. Acquiring Goldway will secure Philips a broader presence in the Chinese healthcare market, which is estimated to be growing at approximately 10 percent per year.

'Goldway has established a strong position in the Chinese market, and is on track to growing further both within China and beyond. Becoming part of a global healthcare company like Philips is for us the perfect step to maximize this growth opportunity in a very interesting geographical market. We are very confident that we share the same culture, business goals and commitment to the market to make this happen. We have much to learn from each other, and much that can be leveraged between us,' said Zeng Jinchuan, general manager of Goldway.

Goldway is well placed to access mid- and large-size hospitals throughout China. Employing a staff of 290, the company grew its 2007 sales by approximately 30 percent.
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