Samsung Electronics Acquires U.S. Healthcare Equipment Maker Nexus

Date : 11/15/2011 @ 8:23PM
Source : Dow Jones News
Stock : Itc Holdings Corp. (ITC)
Quote : 45.5  0.0 (0.00%) @ 2:05AM

Samsung Electronics Acquires U.S. Healthcare Equipment Maker Nexus

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Samsung Electronics said Wednesday that it has acquired U.S. healthcare equipment maker Nexus, as the electronics giant continues to expand in the healthcare sector following its first takeover of a medical company last year.

Nexus, a division of ITC Nexus Holding Company, is a provider of cardiac-testing solutions, which helps in the monitoring of various cardiovascular diseases, Samsung said in a statement, without disclosing financial details of the deal.

"This partnership will play a vital role in helping Samsung to position itself as a global leader in healthcare technology," said Yong-chu Bang, Vice President of Samsung Electronics' health and medical equipment business.

In December, the world's largest technology company by revenue acquired a 43.5% stake in Medison Co., a South Korean medical equipment maker, for KRW331.4 billion (US$292.2 million).

As part of its long-term plans to develop new engines of growth, Samsung announced last year that it aims to invest KRW1.2 trillion through 2020 in the healthcare sector.

The acquisition of Nexus is expected to be completed in the fourth quarter of 2011, Samsung added.

-By Jung-Ah Lee, Dow Jones Newswires; 822-3700-1907; jung-ah.lee@dowjones.com




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