Amsterdam, the Netherlands and Shanghai, China – Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced today that it has acquired Shanghai Apex Electronics Technology Co. Ltd.(“Apex”), a leading Chinese manufacturer of ultrasound transducers - key determinants of image quality for ultrasound systems. The acquisition strengthens Philips’ portfolio of high quality transducers specifically aimed at the value segment in emerging markets.
“As healthcare infrastructure develops in emerging markets such as China, the need for imaging solutions in the value segment of the market is growing rapidly. Strengthening our ultrasound capabilities in these markets is essential, as ultrasound is a critical yet affordable and mobile modality for early diagnosis and real-time imaging,” said Steve Rusckowski, CEO of Philips Healthcare. “The acquisition of Apex underlines our conscious decision to step up investments in these markets, and will allow us to deliver on our commitment to deliver healthcare solutions that meet the diagnostic requirements and budgets of our customers in emerging markets.”
Ultrasound is a widely used diagnostic procedure that provides a non-invasive and real-time method of observing soft tissue anatomy.
The acquisition marks another step in Philips’ expanding presence in emerging markets, following the earlier acquisitions of Meditronics and Alpha X-Ray Technologies in India, Shenzhen Goldway Industrial in China, and VMI Sistemas Medicos and Dixtal in Brazil. In 2009, Philips also announced the establishment of an industrial and R&D facility for imaging systems in Suzhou, China. Most recently, in 2010, Philips acquired healthcare informatics company Tecso Informatica in Brazil and established a partnership with medical equipment manufacturer Electron for the development of healthcare products in Russia.
Founded in 1998 and employing over 130 employees, Shanghai Apex Electronics is one of the leading manufacturers of ultrasound transducers for medical equipment companies in emerging markets. Financial details of the acquisition were not disclosed.