Philips Medical Systems parent Royal Philips Electronics has signed a memorandum of understanding with Neusoft Group of China to set up a manufacturing and R&D joint venture for medical systems.
The enterprise, to be called Philips-Neusoft Medical Systems, will develop and manufacture medical imaging systems for the Chinese and international markets, according to Philips of Amsterdam, the Netherlands, and Neusoft of Shenyang, China. Once approval is granted by the Chinese government, Philips-Neusoft Medical Systems will begin developing and manufacturing CT and x-ray equipment, with ultrasound, MRI, and PACS products to follow, according to Philips and Neusoft.
Both parties will retain their own brands, sales forces, and service networks. Philips-Neusoft Medical Systems will be based in Shenyang in northeastern China, with Philips holding 51% and Neusoft subsidiary Neusoft Digital Medical having 49% of the share capital.
Philips will have four seats on the venture’s board, with Neusoft appointing the chairman, according to the firms. The joint venture expects revenue growth of approximately 30% annually over the next five years. Financial details of the transaction were not disclosed.
By AuntMinnie.com staff writersFebruary 9, 2004
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