Philips to acquire Alpha X-Ray Tech

MUMBAI: Royal Philips Electronics on Monday announced that it has reached an agreement to acquire India-based Alpha X-Ray Techlonogies.

The company hopes to close the deal in the fourth quarter of 2008 which is subject to certain contractual and other conditions such as regulatory approvals, a press release issued here said.

Upon closing the transaction, Alpha would become part of the Cardiovascular X-Ray business within Philips' healthcare sector.

"The acquisition would provide us with significant presence in the high-growth economy segment for cardiovascular X-Ray systems," Philips Healthcare CEO (emerging markets), Ronald de Jong, said.

"The addition of Alpha represents another significant addition to our emerging markets healthcare product portfolio," Philips Electronics India CEO, Murali Sivaraman, said.