Philips Electronics on Friday announced the acquisition of Mumbai-based X-Ray manufacturer company Meditronics for an undisclosed amount in a move that would help the Dutch multinational expand its presence in the healthcare segment in India. Philips in September had acquired another India X-Ray technology company, Alpha.
"Meditronics will serve an immediate need to serve the local market at lower costs while Alpha will help us cater to export markets as well," said Murali Sivaraman, MD and amp; CEO, Philips India. These acquisitions come in at a time when consumer demand for lifestyle products is on a decline worldwide.
"There is some slowdown in the high ticket items like televison amongst others," Gerard Kleisterlee, chief executive officer of Philips said.Healthcare constitutes close to 27 per cent of Philips' global revenue whereas lifestyle and lighting businesses constitute around 45 per cent and 30 per cent, respectively.