by Joan Trombetti
, Writer | November 21, 2008
Medical imaging specialist Barco has entered into an agreement to sell its Advanced Visualization activities to Toshiba Medical Systems Corporation, Tokyo, Japan (Toshiba) via its newly formed, wholly-owned subsidiary, Toshiba Medical Visualization Systems Europe, Ltd., Edinburgh, UK (TMVS).
'Advanced Visualization' was part of Barco's Medical Imaging Division through the acquisition of the Voxar company. The divestment operation, which is subject to approvals from relevant antitrust authorities, is expected to close within a few months. Both parties have agreed not to disclose the financial terms of the transaction.
Based in Edinburgh, Scotland, Barco's Advanced Visualization (AVIS) group is specialized in 3D clinical software solutions, marketed worldwide under the product names 'Voxar 3D' and 'Voxar 3D Enterprise'. As part of the agreement, TMVS will become the new owner of all AVIS assets, including its full product portfolio. TMVS will help support the development of 3D volume rendering and advanced visualization capabilities for all Toshiba modalities.
"This acquisition and the formation of TMVS allows for a critical multi-modality research and development center in Europe, an area of the world widely acknowledged for its innovations in medicine," said Kenichi Komatsu Ph. D., president and CEO, Toshiba Medical Systems Corporation. "This demonstrates Toshiba's strong commitment to our customers worldwide as well as the healthcare industry in Europe."
Martin De Prycker, CEO of Barco, explains "The decision to divest our AVIS activities comes after a careful and deliberate evaluation of Barco's business portfolio. It fits within the strategic focus of Barco's medical imaging division, concentrating all resources on the development and marketing of innovative medical display systems for diagnostic, surgical and clinical imaging along with custom-built solutions for medical OEMs worldwide. Barco has been a leader and pioneer in this area for almost twenty years and is committed to further increase its leading position in the healthcare imaging market in the years to come. In this way the divestiture of our AVIS activities is fully in line with our long-term overall strategy to continue creating value for our shareholders."
Mr De Prycker adds: "This transaction will have a positive impact on the results of the quarter in which it is closed. The divestiture of our AVIS activities will also contribute to the cost-reduction program communicated earlier this year." Barco's CEO also indicated that Barco will communicate the exact impact of this transaction after the closing.
About Toshiba Medical Systems Corporation
Toshiba Medical Systems Corporation, a subsidiary of Toshiba Corporation, is a leading global provider of diagnostic imaging systems and comprehensive medical solutions, with a product portfolio that extends across CT, Ultrasound, X-ray and MRI systems to clinical laboratory and healthcare IT systems. Toshiba holds the No.1 market share in diagnostic imaging systems in Japan and provides innovative healthcare solutions in over 120 countries around the world.
Barco, a global technology company, designs and develops visualization products for a variety of selected professional markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and Asia Pacific. Barco (NYSE Euronext Brussels: BAR) is active in more than 90 countries with about 3600 employees worldwide. Barco posted sales of euro 747 million in 2007.