GE Medical Systems to Acquire Parallel Design - A Premier Provider of Ultrasound Transducers.Business Editors, Health & Medical Writers MILWAUKEE & PHOENIX--(BUSINESS WIRE)--Oct. 18, 2000 Company to Create Center of Excellence in Phoenix GE Medical Systems announced today that it has signed a definitive agreement to acquire Parallel Design, Inc., a Phoenix-based leading supplier of custom, extended performance transducers for medical ultrasound and other applications. Terms of the transaction were not disclosed. A transducer transducer, device that accepts an input of energy in one form and produces an output of energy in some other form, with a known, fixed relationship between the input and output. , one of the key components in an ultrasound system, is physically applied to a patient during an exam to generate information that creates a diagnostic image. In the last three years, Parallel Design has undergone dramatic growth to evolve from its beginnings as a technology development firm to become a leading supplier to ultrasound system manufacturers around the world. GE Medical anticipates that the addition of Parallel Design will help GE exceed $750 million of ultrasound revenues in 2001; GE predicts having approximately $660 million of ultrasound revenues in 2000. "We're extremely excited about this acquisition because both companies, Parallel Design and GE Medical, are driven by developing leading edge technology that improves healthcare delivery. We anticipate tremendous synergy between our companies due to this similar business philosophy," said Omar Ishrak, vice president and general manager of Global Ultrasound for GE Medical Systems. "This acquisition leverages Parallel Design's world-class transducer technology with GE Medical's strength in image quality to create one of the strongest and most versatile ultrasound imaging platforms available." In order to optimize Parallel Design's expertise in the development and manufacture of ultrasound transducers, GE Medical also announced that it will establish a Global Transducer Technology Center of Excellence at Parallel Design's headquarters in Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. . "We are excited by the decision of GE Medical to establish an Ultrasound Transducer Center of Excellence in Phoenix," said Mehmet Salahi, Ph.D., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Parallel Design. Salahi will serve as the head of the new operations and will have global responsibility for the development and manufacturing of ultrasound transducers for GE. "We have assembled a dedicated team to focus on a quick closure to the transaction. I anticipate a smooth integration of our operations, and I am confident that we have the experience and expertise to establish and grow world-class transducer R&D and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to meet the needs of GE as well as our existing and future OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers." Both companies anticipate that the transaction will be finalized See finalization. by the end of 2000. GE Medical Systems is a $7 billion global leader in medical information and technology. Its offerings include networking and productivity tools, health care information systems, patient monitoring systems, conventional and digital X-ray, computed tomography Computed tomography (CT scan) X rays are aimed at slices of the body (by rotating equipment) and results are assembled with a computer to give a three-dimensional picture of a structure. (CT), magnetic resonance magnetic resonance, in physics and chemistry, phenomenon produced by simultaneously applying a steady magnetic field and electromagnetic radiation (usually radio waves) to a sample of atoms and then adjusting the frequency of the radiation and the strength of the (MR), ultrasound, positron emission tomography positron emission tomography: see PET scan. positron emission tomography (PET) Imaging technique used in diagnosis and biomedical research. (PET), and nuclear medicine. For more than 100 years, health care providers worldwide have relied on GE Medical Systems for high quality medical technology, services and productivity solutions. For more information, visit the GE Medical Systems Web site at gemedicalsystems.com. |
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