Tokyo, Japan --- (METERING.COM) --- May 20, 2011 - Toshiba Corporation is to acquire Landis+Gyr AG in a deal valued at US$2.3 billion (approximately 186.3 billion yen).
The acquisition, which is subject to regulatory approvals and other customary closing conditions, is aimed to substantially enhance the scope of Toshiba's smart grid and smart community businesses and position the company as a global competitor with world-class capabilities.
Landis+Gyr will continue as a standalone growth platform within Toshiba, holding its properties, equipment, employees and trade mark rights, and it will expand and reinforce business by making use of complementary relations with Toshiba. The company will aim to expand orders received in Europe and the United States, and in China, India and Brazil, which are promoting rapid modernization of social infrastructure.
According to a statement from Toshiba the combination of Landis+Gyr's advanced smart metering technologies and services, plus its extensive customer base, with Toshiba's comprehensive expertise in energy management for utility companies and the corporate (buildings) and consumer (homes) sectors, will allow the company to provide customers with sophisticated one-stop solutions that offer communities optimum power monitoring and management, plus effective applications and services based on cloud computing technologies.
Toshiba and Landis+Gyr will together develop total energy solutions that meet diverse hardware and software standards and deliver smart grid and smart community products and services worldwide. Further, as its works to maximize synergies with Landis+Gyr, Toshiba will continue to promote alliances with leading-edge companies around the world, centering on cloud computing and solutions services, aiming to expand its global operations and to grow the smart community business.
Toshiba positions the smart community business – which incorporates diverse infrastructure systems, including energy, water, transportation and ICT – as a new focus area and is determined to maximize its presence and capabilities in the business, the company said.