Royal Philips Electronics nabbed Shanghai Apex Electronics, a China-based ultrasound transducer producer, the med tech giant said Wednesday, as it looks to move deeper into emerging markets, such as China, India and Brazil.

"We already have a leading transducer capability...but the acquisition of Shanghai particularly strengthened our value segment," Shai Dewan, a Philips spokeswoman, told DOTmed News.

Ultrasound equipment in the value segment ranges from between $5,000 and $30,000, she said.

Philips bought the 12-year-old Shanghai-based company, which employs over 130 people, for an undisclosed sum. Dewan said the sale is expected to close this quarter.

According to market research, "the ultrasound equipment business in developing markets is growing about three times faster than developed markets," Dewan said.

An InMedica market report from May predicted that the Chinese ultrasound imaging equipment market would exceed $1 billion by 2014.

The Shanghai Apex purchase follows a string of acquisitions by Amsterdam, Netherlands-based Philips to establish footholds in all the top emerging markets. Philips earlier bought Meditronics and Alpha X-ray Technologies in India, VMI Sistemas Medicos, Tecso Informatica and Dixtal in Brazil, and Shenzhen Goldway Industrial in China. It is also partnering with Electron to develop health care products in Russia.