Opto Circuits (I) Ltd. (OCI)’s wholly-owned US-based subsidiary, Criticare Systems Inc. (CSI), has signed a strategic long term agreement with a European manufacturer and distributor of medical equipment. The agreement involves the supply of private label patient monitoring systems by CSI to the partner as well as cooperation in sales and distribution of anesthetic gas delivery products in several key markets, both in the United States and Europe.
The agreement also seeks to leverage OCI’s manufacturing infrastructure in India for the partner’s non invasive range of products and cooperation in sale and support of such products in the fast growing Indian market.
Both companies will abide by mutually agreed annual targets and they expect to make their first deliveries by end 2009.
Vinod Ramnani, Chairman and Managing Director, OCI, commented, “This agreement is significant in terms of driving revenue growth and market share for CSI and its technology. It would also drive market share gains for the Group’s non invasive range in important world markets.”
Opto acquired Criticare Systems Inc. in 2008 and has since driven product development and market penetration in vital signs monitoring and next generation anesthesia gas technology.
About Opto Circuits (India) Ltd.
Opto Circuits (India) Ltd. (OCI) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is a 100 percent EOU and a leading manufacturer of healthcare equipment in India. The product profile includes digital thermometers, sensors, pulse oximeters, patient monitoring systems, stents, catheters and other innovative products. In 2001, OCI acquired 60 per cent stake in Advanced Micronic Devices (AMDL) to market and distribute its products in India. Mediaid came into existence with the acquisition of the patient monitoring division of Palco Labs, US, in end-2003 and it now directly markets OCI’s products in the US. OCI acquired EuroCor GmbH in 2006. EuroCor manufactures Cardiac Stents of various types, including Drug Eluting Coronary stents. In April 2007, OCI ventured into new product segments - Urology, Gastroenterology, Gynecology and Orthopedics after acquiring Devon Innovations Private Limited (Bangalore) and Ormed Medical Technology Limited (Chennai). OCI completed the acquisition of US based Criticare Systems, Inc. in April 2008. Criticare designs, manufactures, and markets leading edge patient monitoring systems, vital signs monitors and gas benches for a wide range of hospitals and alternate health care environments throughout the world.
Visit us at www.optoindia.com; www.csiusa.com.
