Medical imaging specialist Barco announced today it has signed an agreement to acquire Italy-based display company FIMI, a fully owned subsidiary of Royal Philips Electronics' Healthcare business. Through the acquisition, Barco reaffirms its growth strategy in the medical market by further expanding its footprint and tapping into new market segments, such as mobile point of care devices. The total transaction cost at closing is Euro 19 million. The contract further provides for an additional earn-out of Euro 10 million over the next five years. The transaction is subject to certain customary conditions being met.
Eric Van Zele, Barco's President and CEO, stated: “Our Medical Imaging Division has been performing strongly in recent years both sales and profit-wise. The acquisition of FIMI fits well within the overall growth strategy of the division as it further strengthens our existing product portfolio, opens opportunities in new segments of medical imaging, and strengthens our strategic relationship with Philips.
"Medical professionals increasingly depend on state-of-the-art imaging technology to make critical decisions and define treatment paths for their patients,” explained Piet Candeel, Vice President of Barco's Medical Imaging Division. “Both Barco and FIMI have gathered extensive experience and technological know-how in the medical display market. While FIMI's main strength lies in dedicated modality monitors, patient monitoring and mobile point of care devices, Barco is a market leader in the diagnostic and mammography display market. By bringing all this expertise under one roof, we can offer our customers an even more comprehensive medical display portfolio for their various visualization requirements.”
Besides a complementary portfolio of products and solutions, Barco and FIMI can boast an enviable customer base, including the major OEM players in the global healthcare visualization market. Barco is confident that the acquisition of FIMI will open up new sales and business opportunities, which will underpin its position in the medical display market in the years to come. Moreover, it will allow Barco to further develop its relationship with Philips Healthcare as a global customer.
“We are very pleased to become part of the Barco family. This agreement is a significant step forward for our company,” stated Franco Martegani, CEO of FIMI. “Barco and FIMI have a common philosophy of bringing innovative, customer-centered display solutions to the market via partnerships with the world's leading original equipment manufacturers (OEM), systems integrators and resellers. Joining forces with Barco, a market leader in the medical imaging industry, enables us to increase our reach, and creates significant benefits for our OEM customers,” he concluded.
About FIMI s.r.l.
FIMI s.r.l., headquartered in Saronno, Italy, is a global leader in medical display solutions. With its comprehensive product line, addressing a wide spectrum of medical applications ranging from Patient Monitoring to Medical Imaging (Ultrasound, X-ray, MR, CT, Surgery, PACS) and recently to mobile Point of Care as well as solutions for the Integrated OR, FIMI is able to meet the diversified requirements of the medical industry and to offer a valid platform for the fast development and market introduction of a variety of OEM customized solutions. Active in the monitor market since 1977 and in particular in the medical imaging market since more than 20 years, FIMI is well known for its ability to provide innovative and advanced solutions.
About Royal Philips Electronics
Royal Philips Electronics of the Netherlands is a diversified Health and Well-being company, focused on improving people's lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of “sense and simplicity”. Headquartered in the Netherlands, Philips employs more than 118,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter .
Barco, a global technology company, designs and develops visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific.
Barco is active in more than 90 countries with about 3300 employees worldwide. Barco posted sales of 725 million euro in 2008.