April 23, 2008 -- Hitachi Cable Ltd. said Tuesday that it will buy an Austrian manufacturer of medical equipment cables in a bid to strengthen its presence in Europe. Hitachi Cable will acquire Astral Meditech GmbH, which specializes in cables for ultrasound devices, by purchasing 70 per cent of the company's outstanding shares in mid-June from the firm's founders and others.
The value of the deal was not disclosed. Astral Meditech's sales for the year ended Jan. 31 reached ¥2.3 billion. Hitachi Cable's sales from ultrasound equipment cables reached ¥4 billion yen or so in the year ended March 31, giving it a roughly 20 per cent share of the global market.
Abstracted from Asia Pulse
