Friday, May 20, 2011
Toshiba To Acquire Smart Grid Tech Firm, Landis+Gyr, For $2.3 Billion
Toshiba ? the diversified tech company best known for its consumer electronics, lighting and HVAC systems ? is coming after the smart grid market in Europe and the U.S. with the acquisition of a Swiss smart grid tech firm, Landis+Gyr. Toshiba announced a commitment to acquire Landis+Gyr for $2.3 billion today. The company makes power distribution, metering and smart home software and systems, which will supplement Toshiba's utility-related offerings and give Toshiba reach into new markets in Europe, the U.S., China, India and Brazil, where Landis+Gyr has already gained some traction, according to a company statement (link, above). While Toshiba sells hardware used by utilities ? in substations, on poles and transmission lines, for example ? this is their first major move to grab a piece of the energy management business on the metering and consumer side.