Demag Holdings SARL, which acquired major meter manufacturer Landis+Gyr from Siemens AG in 2002, has announced that it has signed a definitive agreement to sell Landis+Gyr to Bayard Energy. Bayard Energy is the energy management and conservation division of Australian-based Bayard Capital.
The transaction, which is subject to regulatory approval, is expected to be completed by the end of September 2004.
Landis+Gyr was founded in 1896 and is today a global market leader for electricity meters. Sales in fiscal year 2003 were €388.5 million, and the group employs over 3,000 people in 26 countries.