Siemens Healthcare has signed a definitive agreement to buy the manufacturer of integrated ultrasound imaging systems, Penrith.
Siemens Healthcare ultrasound business unit CEO Jeffrey Bundy said the acquisition will enable the company to bring new, meaningful solutions to the ultrasound market and to expand its presence in attractive business segments.
"Through this acquisition, Siemens is executing its strategic focus, announced via Agenda 2013, on strengthening the Healthcare Sector’s innovative power and competitiveness," Bundy added.
"We welcome the addition of Penrith’s highly experienced ultrasound employees to the Siemens Healthcare family."
The transaction between both the companies is expected to close in September 2012.
Penrith president Michael Cannon said, "Our portfolio and technology competence in the miniaturization of ultrasound devices will strengthen Siemens’ ability to develop pioneering technologies and future breakthrough innovations that advance and expand ultrasound’s role in medicine – specifically, innovations that are tailored to the needs and means of diverse markets."