Philips announces completion of Volcano takeover

Philips has announced the completion of its acquisition of Volcano, a leading provider of medical technology in the field of image-guided therapy.

A long-standing partner of Philips, Volcano is the only company in the industry with leading positions in both the intravascular ultrasound catheter market, with products capable of producing ultrasound images of the interior of blood vessels, and the market for fractional flow reserve catheters used to assess blood flow.

This complements Philips' existing portfolio of interventional X-ray and ultrasound imaging equipment, navigation systems, software and services, and creates new sources of recurring revenue streams.

Philips is hoping this deal will strengthen its global leadership position in the image-guided therapy sector, with the retention of key management members and in-depth preparations to facilitate a smooth integration process.

Frans van Houten, chief executive officer of Philips, said: "The completion of the Volcano acquisition is an important milestone in our strategy to become the leading systems integrator in the fast-growing image-guided minimally invasive surgery market."