Philips to acquire patient monitor firm

Royal Philips Electronics, the parent company of Philips Healthcare of Andover, MA, has reached an agreement to acquire Chinese patient monitoring firm Shenzhen Goldway Industrial.

Goldway specializes in standalone and fully equipped patient monitors for mid-sized and large hospitals in China. Many of the Shenzhen-based company's products have U.S. Food and Drug Administration clearance and have received CE Mark certification in Europe.

Goldway would become part of Philips Healthcare's patient monitoring business, and would provide Philips with a broader presence in the Chinese healthcare market.

Financial details were not disclosed. The transaction is expected to close in the second quarter.

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