Toshiba to acquire TI Medical Systems; establishes new subsidiary in South Korea
Toshiba Medical Systems is to acquire 70 per cent of the stock in the Korean company, TI Medical Systems, held by Infinitt Healthcare. Toshiba is also to establish a wholly-owned subsidiary in South Korea. The subsidiary will start its operations in April 2013. TI Medical Systems was jointly established in 2009 by Toshiba and INFINITT Healthcare. Since its establishment, the company has served in sales and service activities as the sole distributor of Toshiba. TI Medical Systems handles highly-advanced medical imaging equipment and has installed 12 Aquilion ONE CT scanner.
Satoshi Tsunakawa, President & CEO of Toshiba stated that by establishing this new subsidiary, the company will be able to reinforce its brand awareness and business activities in South Korea in order to steadily expand Toshiba's market share by offering high-value-added medical imaging products, advanced applications, and quality services to Korean customers. It is also expected that collaborations with leading Korean users will be accelerated by taking advantages of geographical proximity between Japan and Korea. Toshiba believes that medical imaging markets in South Korea are expected to grow at an average rate of 10 per cent per year, which is higher than the average rate of 9.6 per cent expected for the global market, and will maintain the high growth rate out to 2016.