Philips in $5 billion health equipment push
Philips Electronics continues to increase its presence in the medical equipment market by acquiring Respironics, a major player in the respiratory medical device industry.
Two years ago Philips launched a big restructuring project, Vision 2010, intended to reshape the company from its position as a diverse electronics conglomerate to a company with legs in medical equipment, lighting equipment and consumer gadgetry.
Respironics is a respected manufacturer of respiratory medical devices, including the well-know Tidalwave 715Sp Handheld Monitor. Philips will pay $5.17 billion for the company, which reports annual revenues of $1.2 billion per year.
Philips Electronics, which manufactures the popular Philips HeartStart AED, is already a significant competitor in high-tech medical equipment, such as diagnostic scanners for hospitals, where it competes head-on with industry giants Siemens and General Electric (who owns the popular Datex Ohmenda brand, among others).