Carestream’s origins date back to Eastman Kodak Company’s Health Group. The Company was eventually acquired by ONEX Corporate and currently operates as an independent subsidiary. Not surprisingly as far as how investment minded companies operate to maximize shareholder value, Carestream consistently evaluates which assets would be better off sold. In 20017, the Company sold its dental digital business to Clayton, Dubilier & Rice, a reputable private equity firm.
Now it seems is the right time to sell off its HCIS business unit, which provides imaging IT solutions to multi-site hospitals, radiology services providers, imaging centers and specialty medical clinics around the world. Important to note is that the business has developed strong customer relationships in attractive, high-growth healthcare segments and is positioned for continued growth and success.
“We have had global success in providing radiology and enterprise imaging IT systems to help medical professionals provide quality care and enhance their operations,” said Ludovic d’Aprea, Carestream’s General Manager for Healthcare Information Solutions. “By becoming part of Philips, the HCIS business will have a greater opportunity to thrive and grow. Both organizations share a commitment to meaningful innovation which is deeply embedded in each company’s culture. Customers will have access to a broader portfolio of healthcare IT solutions to simplify medical image management, enable effective collaboration and enhance patient care.”
“Philips partners with global healthcare providers to connect people, information and technology with the commitment to deliver on the Quadruple Aim of improved patient experiences, better health outcomes, improved staff experiences, and lower costs of care,” said Robert Cascella, Chief Business Leader Precision Diagnosis at Royal Philips. “This acquisition will enhance our ability to provide flexible solutions to hospitals and health systems. The combination of our successful innovations in imaging system platforms, workflow optimization and artificial intelligence-enabled informatics, combined with Carestream’s cloud-based enterprise imaging informatics platform and complementary geographic footprint will provide a solid foundation to deliver on the promise of precision diagnosis.”
Carestream will retain its medical imaging, dental and industrial films, non-destructive testing, and precision coating businesses which are not impacted by the sale. “These established businesses have solid financial foundations, innovative technology platforms and have earned the trust of loyal customers around the world,” said David C. Westgate, Chairman, President and CEO of Carestream. “Our focus will be on delivering innovation that is life changing — for patients, customers, channel partners, communities and other stakeholders—and we will grow the company for long-term success.”