Medical imaging specialist Barco announced today it closed the acquisition of FIMI, a fully owned subsidiary of Royal Philips Electronics' Healthcare business, on 31 December 2009. FIMI is a profitable company with an annual sales volume of close to euro 40 million. The total transaction cost at closing was euro 19 million plus an additional earn-out of euro 10 million over the next five years.
FIMI, based in Saronno, Northern Italy, is a leading provider of dedicated modality monitors, patient monitoring and mobile point of care devices. By expanding its current display offering with these FIMI product lines, Barco can present the imaging industry with an even more complete display portfolio to address today's hospitals' wide-ranging visualization requirements. The acquisition of FIMI will open up new sales and business opportunities, which will enhance Barco's position in the medical display market in the years to come.
“Barco has been a leader and pioneer in the healthcare imaging market for almost twenty years. The acquisition of FIMI will reinforce this leading position in the years to come. It will allow us to further expand our footprint, while tapping into new market segments, such as mobile point of care devices. Moreover, it will also allow us to strengthen our relationship with Philips Healthcare as a very valuable global commented Eric Van Zele, Barco's President and CEO.
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.
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 (NYSE Euronext Brussels: BAR) is active in more than 90 countries with about 3300 employees worldwide. Barco posted sales of 725 million euro in 2008.