Royal Philips Electronics, Dutch company has reached an agreement with the shareholders of Shenzhen Goldway to acquire all outstanding shares in the firm it's the second largest company in China in domestic patient monitoring company.

Goldway will become part of the Patient Monitoring business within Philips' Healthcare sector soon.

Deborah DiSanzo, Senior Vice President and General Manager of Philips' Patient Monitoring business said: "Philips already has a leading position in the premium segment of China's patient monitoring market. This acquisition offers us a perfect opportunity to further strengthen our position in China and to increase our presence in other emerging markets.

Goldway has a good track record of providing excellent medical devices that are complementary to Philips' existing patient monitoring product base, not only for the Chinese market, but for export to other value-conscious, high-growth markets around the world."

oldway offers patient monitoring solutions that range from basic standalone to more fully-equipped monitors, including products that have been FDA approved in the US or carry the "CE" certification in Europe.  Goldway has a strong dealer network, hospital focused service capabilities as well as cost-effective manufacturing operations that all contribute significantly to its competitive position. Philips will secure acquiring Goldway a broader presence in the Chinese health care market, which is estimated to be growing at approximately 10% per year.

General Manager of Goldway said, Goldway has established a strong position in the Chinese market, and is on track to growing further both within China and beyond. Becoming part of a global health care company like Philips is for us the perfect step to maximise this growth opportunity in a very interesting geographical market.