Royal Philips to acquire Witt Biomedical for $165 million

By Lisa Kerner

Erie, Pa., March 8 - Royal Philips Electronics said it will acquire Witt Biomedical Corp. for approximately $165 million, with the transaction expected to close in the second quarter of 2006.

Witt will be integrated into Philips' Cardiovascular X-ray business unit within its Medical Systems Division, according to a company news release.

Both companies expect to benefit through increased sales in cardiovascular x-ray, cardiology picture archiving and communication systems (PACS), and in hemodynamic monitoring and reporting systems.

"By merging Witt Biomedical with Philips' successful number one position in the cardiovascular x-ray and cardiovascular PACS markets, we intend to obtain a leading position in the growing market for fully integrated cath labs," Philips chief executive officer Jouko Karvinen said in the release.

In hospital catheterization or "cath" labs, heart patients undergo a procedure in which a small tube or catheter is inserted in an artery in the arm or leg to reach the heart for diagnosis and treatment.

Based in Amsterdam, Philips is an electronics company offering medical diagnostic imaging and patient monitoring solutions as well as color television sets, electric shavers, lighting and silicon system solutions.

Located in Melbourne, Fla., Witt designs and delivers cardiovascular enterprise solutions for cath labs, as well as multimodality image and information management technologies.

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