News | April 14, 2008

Philips Acquires Chinese Patient Monitoring Company

April 15, 2008 - Royal Philips Electronics recently said it reached an agreement with the shareholders of Shenzhen Goldway Industrial Inc. to acquire the Chinese patient monitor manufacturer.

The financial details of the transaction were not disclosed. 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.

“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.”

Goldway offers patient monitoring solutions ranging from basic standalone to more fully-equipped monitors, including products that have been FDA approved in the U.S. or carry the CE certification in Europe. Goldway also has a strong dealer network, hospital-focused service capabilities and cost effective manufacturing operations.

Goldway is the second largest domestic patient monitoring company in China with excellent access to mid- and large-size hospitals throughout the country. Employing a staff of 290, the company grew its 2007 sales by approximately 30 percent.

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