Toshiba has won the chase for Landis+Gyr with an agreement to buy the smart metering infrastructure company for $2.3bn. Toshiba sees the acquisition as the basis from which to build its business targeting the global smart grid market.
Toshiba emerged as the purchaser after several weeks of speculation as to who would buy the Swiss company. Among those said to be bidding were ABB, General Electric, Honeywell and Siemens.
Toshiba will retain the Landis+Gyr brand and there are no plans for job reduction or restructuring as a result of this transaction.
It looks like a good fit for Toshiba (although that’s probably true for several of the bidders). Toshiba is a diversified manufacturer, covering electronic devices and components, power systems, industrial and social infrastructure systems and home appliances. Smart grids and smart meters sit pretty much in the middle of all that and promise a lot of spin-off business in the coming years. Given its 100+ year history and industry-leading position, Landis+Gyr would have been particularly attractive to the Japanese company.