GE Medical Systems announced Oct. 18 that it is acquiring Phoenix-based Parallel Design, a supplier of ultrasound transducers.
Although terms of the transaction were not released, GEMS said in a press release that it expects that the addition of Parallel Design will allow the company to exceed $750 million in ultrasound revenue in 2001. GE said it expects approximately $660 million in ultrasound revenue in 2000.
Parallel's president and CEO, Mehmet Salahi, will continue as head of the acquired company, which will remain in Phoenix. Both companies expect the transaction to be finalized by the end of the year.
