News | April 10, 2008

Philips Acquires Chinese Patient Monitoring Group

April 11, 2008 - Philips will acquire all outstanding shares in Shenzhen Goldway Industrial Inc. (Goldway), making Goldway part of the patient monitoring business within Philips Healthcare, as part of its strategy to strengthen its position in China and increase its presence in emerging markets.

Goldway offers patient-monitoring solutions that range 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 is the second largest domestic patient monitoring company in China with access to mid- and large-size hospitals throughout the country. 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 is designed to offer Philips a broader presence in the Chinese healthcare market, which is estimated to be growing at approximately 10 percent per year.

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