Philips Signs Long-Term Partnerships Worth EUR140 Million

By Oliver Griffin

Koninklijke Philips NV (PHIA.AE) said Thursday that it has signed two long-term strategic partnership agreements with hospital groups in Germany, worth a combined 140 million euros ($163.9 million).

The Dutch technology company said it has signed a 15-year partnership contract with the Kliniken der Stadt Koln in Cologne worth about EUR90 million.

The company will be responsible for the procurement of new and replacement medical-imaging solutions, together with their maintenance and service, covering all three of the clinic's locations.

The second agreement is an eight-year strategic innovation partnership agreement with Munich's Stadtische Klinikum Munchen--one of Germany's largest municipal hospital groups. The agreement is valued at about EUR50 million, Philips said.

Philips will provide Stadtische Klinikum Munchen with imaging systems and clinical informatics and will renew over 200 imaging systems throughout the hospital group, the company said.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

July 12, 2018 03:14 ET (07:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.