Philips Acquires Meditronics

Netherlands-based Royal Philips Electronics has reached an agreement to acquire Meditronics, a manufacturer of X-Ray systems based in Mumbai, India.

Upon closing of the transaction, which is expected to complete in the fourth quarter of 2008 and is subject to certain contractual and other conditions such as regulatory approvals, Meditronics will become part of the Imaging Systems business within Philips’ Healthcare sector, the company says.

Financial details of the agreement were not disclosed.