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Toshiba Acquires Landis+Gyr for US$2.3 Billion 2011.05.25

Tokyo, Japan and Zug, Switzerland - May 19, 2011 - Toshiba Corporation, a world leader in electronics and social infrastructure systems, today announced that it has entered into a definitive agreement to acquire the entire equity of Landis+Gyr AG, a company incorporated in Switzerland. The acquisition, valued at US$2.3 billion (approximately 186.3 billion yen) including net debt, will 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.

Gridstream represents the evolution of our product offering to meet the increasingly complex global needs of the utility industry.
Courtesy of Landis+Gyr
 

Tokyo, Japan and Zug, Switzerland – May 19, 2011

Toshiba Corporation (TOKYO: 6502), a world leader in electronics and social infrastructure systems, today announced that it has entered into a definitive agreement to acquire the entire equity of Landis+Gyr AG, a company incorporated in Switzerland and a global leader in energy management solutions for utilities, from the company's shareholders and warrant owners.

Courtesy of Toshiba Corporation
 
The acquisition, valued at US$2.3 billion (approximately 186.3 billion yen) including net debt
, will 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.

The acquisition is subject to regulatory approvals and other customary closing conditions.


Benefits of the Acquisition


Projects to establish Smart Grids are being promoted by countries and regions around the world, toward achieving the modern and more environmentally friendly infrastructure essential for a low carbon society and sustained economic growth.

Forecasts indicate that the next decade will see the Smart Grid market grow to 5.8 trillion yen (Source: Market report of Fuji Keizai Co., Ltd.), six times today's level.

While the original Smart Grid business mainly covers power system network management, the latest trend is a shift to a higher level concept, 'Smart Community'.

Atsutoshi Nishida, Director, Chairman of the Board and Norio Sasaki, Director, President and CEO, Toshiba Corporation.
Courtesy of Toshiba Corporation
 
This supports diverse infrastructure systems, including energy, water, transportation and ICT, delivers comprehensive solutions to consumers, and secures the integrated modernization of the overall infrastructure supporting entire towns and cities.

Toshiba Group, an innovator in environmentally conscious businesses that support realization of a low carbon society, positions the Smart Community business as a new focus area and is determined to maximize its presence and capabilities in the business.

Landis+Gyr Group worldwide.
Global Organization. Landis+Gyr operates in 30 countries across the globe. Through synergistic management, cost efficiency and high quality in our products and systems, have been harnessed.
Courtesy of Landis+Gyr
 
Established in 1896, and now with over 8,000 utility customers globally, Landis+Gyr has pioneered the development of leading-edge smart metering, networking and service products to meet the needs of the utilities industry
.

Its business operations now extend to 30 countries and regions across five continents.

Landis+Gyr provides a wide range of smart meter solutions, from advanced interactive communication technologies to various applications and services based on data collected from the meters.

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 Toshiba 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.

By drawing on the diverse capabilities of each company and maximizing synergies, Toshiba will enter new business domains encompassed by the Smart Community concept, centering on integrated energy management systems.

Norio Sasaki, Director, President and CEO, Toshiba Corporation.
Courtesy of Toshiba Corporation
 
Upon completion of the acquisition, Toshiba will promote operational and technological synergies and further growth in its Smart Grid and Smart Community businesses, toward achieving net sales of 700 billion yen in fiscal year 2015, against current annual sales of 300 billion yen.


About Toshiba's Smart Community business


Toshiba established a dedicated Smart Community Division to promote its Smart Community business in October 2010.

The division reports directly to the president & CEO.

On April 1, 2011, Toshiba established a new in-house company, the Social Infrastructure Systems Company, which reinforces Toshiba's ability to offer integrated solutions across power transmission and distribution, a broad range of social infrastructure, including railway systems, automotive systems and rechargeable batteries, and to support the Smart Community business.

Smart Grid is the next generation energy supply system that fuses power supply and communication infrastructures.
Smart Grid uses power and communication networks to connect homes, offices, and factories (consumers) to multiple distributed power providers (small-scale power generators) such as solar, wind, fuel cells, and facilities that store generated power.
This makes it possible to provide power according to demand by tracking and predicting in real time the power demands of consumers. We expect to efficiently use the power we can generate, reduce transmission loss, and stabilize the power supply by using communications technology to control the system and balance the supply and demand of electricity. In addition, creating a smart demand and response link between consumers and power sources will help save energy.
Courtesy of Toshiba Corporation
 
As a pioneer in the Smart Community business, Toshiba is already involved in a number of Smart Grid and Smart Community demonstration projects in Japan and overseas, including the U.S., France and India, that will ensure customers can access promising solutions and well-proven technology.


Business operation after the stock acquisition


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.

Landis+Gyr, as a standalone growth platform within Toshiba, will continue to hold its properties, equipment, employees and trade mark rights, and will expand and reinforce business by making use of complementary relations with Toshiba.

A Vision of Smart Community and Smart Grid.
With Landis+Gyr and Toshiba, our prospects for a smarter grid and smarter future are even brighter. Over the long term, Toshiba’s commitment, financial resources and plan to use Landis+Gyr as a growth engine affords our customers, partners and the markets we serve new possibilities and new opportunities.
Courtesy of Landis+Gyr
 
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.

Landis+Gyr is expected to exploit synergies with Toshiba's energy management business to create new business opportunities.

Beyond this, Toshiba and Landis+Gyr will cooperate closely in developing and executing business strategies and promoting operations.

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.


Outlook for the current fiscal year


The possible impact of this acquisition on Toshiba's FY2011 business performance has yet to be determined.


Outlines of Landis + Gyr AG


Established: 1896

Shareholders: Private equity fund and individual shareholders

CEO: Andreas Umbach

Sales: About US$1,533 million (as of December 2010)

Employees: About 5,000

Head Office: Zug, Switzerland


About Landis+Gyr


Landis+Gyr is the leading global provider of integrated energy management products tailored to energy company needs and unique in its ability to deliver true end-to-end advanced metering solutions.

 
 
Today, the Company offers the broadest portfolio of products and services in the electricity metering industry, and is paving the way for the next generation of smart grid.

Landis+Gyr operates in 30 countries across five continents, and employs 5,000 people with the sole mission of helping the world manage energy better.

The company’s LTM revenue and adjusted EBITDA through March 2011 were US$1.59 billion and US$215 million respectively.

Visit the company’s website at

www.landisgyr.com  


About Toshiba


Toshiba is a world leader and innovator in pioneering high technology, a diversified manufacturer and marketer of advanced electronic and electrical products spanning digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances.

 
 
Toshiba was founded in 1875
, and today operates a global network of more than 490 companies, with 203,000 employees worldwide and annual sales surpassing 6.3 trillion yen (US$77 billion).

Visit Toshiba's web site at

www.toshiba.co.jp/index.htm  


Contacts:

Financial Community, please contact:

Stan March, Landis+Gyr
tel. 646-205-3119
Stan.March@landisgyr.com  

European Media, please contact:

Monica Cristina
tel. +32 (0) 2 289 09 52
Monica.Cristina@fdblueprint.eu  

North American Media, please contact:

Thor Valdmanis
Tel. 212-850-5696
Thor.Valdmanis@fd.com  

Asia Pacific Media, please contact:

John Sunley
tel. +81 (0) 3 5425-7220
jas@ashton.jp  

UK/Irish Media, please contact:

Oliver Williams
tel. +44 (0) 20 7269 7294
Oliver.Williams@fd.com  


Source: Landis+Gyr

http://www.landisgyr.com/en/pub/media/press_releases.cfm?news_ID=5707  

Source: Toshiba Corporation

http://www.toshiba.co.jp/about/press/2011_05/pr1901.htm  



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