Royal Philips Electronics said it has agreed to buy California-based Stentor Inc for U.S. $280 million. Stentor specializes in technology for reading, archiving, and distributing digital radiology images for hospitals and clinics. The company expects sales to grow by 50 percent next year from an estimated $50 million this year.
Philips is already one of the world's largest makers of medical diagnostic imaging and monitoring equipment and expects to use its existing position in healthcare facilities to further distribute Stentor's products. Jouko Karvinen, CEO of Philips Medical Systems, said he expects "clear and immediate" synergies with Philips' imaging business from the takeover.
Philips will hold a news conference this morning and a conference call this afternoon on the deal. (AFX, Forbes.com)
Back to Breaking News