Spokane, WA, U.S.A. — (METERING.COM) — February 26, 2007 – Itron Inc. has announced that it has signed an agreement to acquire Actaris Metering Systems, and the combined organization will be one of the largest metering companies in the world. The acquisition of Luxembourg-based Actaris will create an international market leader with more than 8,000 utility customers, expand Itron’s product offerings, and increase access to global markets for electricity, gas and water meters and automated meter reading (AMR) technology.
Actaris is a global leader in electricity, gas and water metering, primarily outside of North America. Itron is the AMR leader and foremost electricity meter supplier in North America. This acquisition will allow Actaris to offer Itron’s industry leading AMR and advanced metering infrastructure (AMI) technologies, software and systems expertise to customers outside of North America, and expand Actaris gas and water meter opportunities in North America.
“This acquisition, which will more than double Itron’s annual revenues, brings together two industry leaders and reunites two former Schlumberger divisions,” said LeRoy Nosbaum, chairman and CEO. “We have been looking for an investment that would allow Itron to bring its superior AMR technology and systems expertise to customers outside of North America. Our acquisition of Actaris is the perfect choice to combine their quality meters and established distribution channels with our expertise, which will ultimately bring more value to customers around the globe. No other meter or AMR provider offers a similar breadth and depth of solutions to their customers in the utility industry. This deal combines two companies that share a heritage, vision and passion for this industry and our combined customers.
“This acquisition brings together two very talented management teams, including many individuals who have worked together in previous careers with Schlumberger,” said Nosbaum. “These are both well-run companies that produce the highest quality products in very efficient and productive factories around the world. Bringing these companies together unites research and development, manufacturing and business synergies that no other provider can match.
“There can be no doubt that this acquisition represents a historical turning point in the life of our company and a significant commitment on the part of our investors,” commented Nosbaum. “But as I look at the strength of our businesses and cash flow, the talent of our combined management team and employee base, the synergies in our technology offerings, and the expanding opportunities in the global marketplace, I have no doubt that this is the right move – both strategically and financially – and the right time to take Itron to an entirely new level and drive strong future growth in our business on a global scale.”
The acquisition is not subject to U.S. regulatory review. However, it will be subject to review by several regulatory bodies in countries outside the U.S., including, Ukraine, Germany, Brazil, Spain and Portugal, which require filings regardless of competitive product overlap.