Opto Circuits to buy US healthcare firmFebruary 25th, 2008 - 8:20 pm ICT by admin
Bangalore, Feb 25 (IANS) City-based Opto Circuits Ltd (OCL) announced Monday that it has agreed to acquire US-based Criticare Systems Inc for $70 million (Rs.2.8 billion). In a filing with the Bombay Stock Exchange (BSE), the listed company said it had signed a definitive agreement with Criticare to buy the US firm, which manufactures vital sign and anaesthesia monitors and Oximetres for global market.
OCL operates in the medical electronics space and manufactures optical sensors, security systems and optoelectronic equipment. The company also designs optoelectronic devices.
Vinod Ramnani, managing director of OCL, told IANS that the acquisition was a strategic move for the company in export and domestic markets.
“Criticare buyout will broaden our product portfolio and compliment our range of medical equipment,” Ramnani said.
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