Royal Philips to set up new innovation center

Royal Philips Electronics, a Fortune 500 company, will establish a medical products innovation center in Shenyang, Liaoning province.

The center, the company's second, will be its first in China, Liaoning Daily reported.

Philips has already set up a team of 200 to conduct research.

Philips and Neusoft Medical Systems, a subsidiary of Neusoft Corp, set up a joint venture - Philips-Neusoft Medical Systems in Shenyang in 2004.

Philips announced in February that will sell its 51 percent shareholding in PNMS.

Philips and Neusoft will continue to be partners in component supplies and original equipment manufacturing.