Toshiba announced a deal today to acquire smart-meter company Landis+Gyr for $2.3 billion in a move to fill out its power business.
Landis+Gyr, founded in 1896 and based in Zug, Switzerland, is one of the largest makers of two-way smart meters. It has about 5,000 employees. Landis+Gyr will remain a unit within Toshiba and retain its brand.
Toshiba, which is known for its consumer electronics but is actually a massive conglomerate, said it bought Landis+Gyr to broaden the power-grid equipment that it sells to utilities.
"Our intent is to become a global leader … Read more