U.K. firm Kontron goes into receivership

U.K. ultrasound and patient monitoring firm Kontron Instruments has gone into receivership, according to the administrator of its accounts, international accounting firm KPMG. KPMG attributed the company's failure to the reduction in healthcare spending in Europe, 1998's downturn in the Asian market, and increased competition in the overall healthcare market. Watford, U.K.-based Kontron reported revenues of about $24 million for the 12 months ended June 30, 1997.

The company's assets include intellectual property rights to its monitoring products, an electronic assembly plant and its machinery, raw materials, and stock. KPMG seeks to sell Kontron as a going concern and expects to find a buyer shortly, according to Paul Jeffery, administrative receiver for KPMG in Hertfordshire, U.K. Kontron owes roughly $8 million to its 450 creditors.