Swiss energy management and smart meter firm Landis+Gyr is to be acquired by Japanese electronics giant Toshiba in a deal worth $2.3 billion.
The acquisition, which is still subject to regulatory approval, will give the Japanese company a firm foothold in the smart grid sector.
The smart grid and community sector, which spans infrastructure systems in energy, water, transport and ICT, is a new focus for Toshiba, but compliments its growing environmental business, the company says.
With Landis+Gyr, Toshiba will gain a 115-year old company with over 8000 utility customers around the world for its portfolio of smart metering, networking and service products.
Together the companies will provide a ‘one-stop shop’ for power monitoring and management services for utilities serving both corporate and domestic sectors, says Toshiba.
Toshiba hopes that the move will boost its smart grid and community businesses to net sales of $8.5 billion (700 billion yen) by 2015, up from its current level of $3.7 billion (300 billion yen).
“Our intent is to become a global leader in the Smart Community business by 2020,” comments Toshiba’s corporate executive vice president Hideo Kitamura. “Together with Landis+Gyr, we will accelerate the development of our combined product and service portfolio to empower utilities and their end customers and to provide sophisticated Smart Community solutions in the global market.”
For further information:
NEC and Enel join forces on smart grid technologies (21-Apr)
IBM and Cable&Wireless join forces on smart grid communications (24-Mar)
Landis+Gyr and CURRENT deliver smart solution for Spain and Portugal (29-Jul 2010)
Landis+Gyr raises $165 million to fund smart meter expansion (8-Apr 2010)
19 May 2011