Metering giant Landis+Gyr is on a global investment and acquisition drive in a bid to double its revenue to US$4 billion by 2020, the company has told Reuters.
Chief Operating Officer Richard Mora said the Switzerland-based firm, which had revenue of US$1.51 billion in 2013, wants to buy companies specialising in power metering and networks.
Parent company Toshiba, which bought Landis+Gyr for US$2.3 billion in 2011, is willing to fund further expansion, according to Mr Mora.
He said: “If there is a compelling case, they are ready and willing to allow us to make the investments.”
Mora said Landis+Gyr’s acquisition of sensors maker PowerSense earlier this month for an undisclosed sum was an example of the kind of acquisitions it is seeking.
Landis+Gyr claims a global market share of about 30 per cent, with 300 million metering points, of which about 25 million are smart meters, mostly in the US where it has 23 million installed.
US cybersecurity monitor confirms utility attacks in Q1
Smart grid: Brazil launches advanced pilot for metering and automation
Landis+Gyr plans buying spree of metering companies