UPDATE 1-GE, Intel to form joint health venture
NEW YORK Aug 2 (Reuters) - General Electric Co (GE.N) and Intel Corp (INTC.O) will form a 50-50 joint venture to focus on technology that will remotely deliver health care to seniors with chronic conditions, to help lower patients' medical costs.
Financial terms for the Sacramento-based venture, which is aimed at developing products for the elderly whether they are living alone or in assisted-living housing, were not disclosed.
GE, the largest U.S. conglomerate, and Intel, the world's largest chip maker, will combine existing assets and products, technology development, and sales and marketing staffs.
The two companies have been working on healthcare products together since April 2009.
GE is the world's largest maker of medical-imaging devices, and in that industry competes with the likes of Siemens AG (SIEGn.DE), Toshiba (6104.T) and Philips (PHG.AS). (Reporting by Scott Malone and Nick Zieminski, editing by Leslie Gevirtz)
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