Toshiba to buy Swiss company
Japanese electronics manufacturer Toshiba plans to buy Zug-based meter maker Landis+Gyr for an estimated $2.3 billion (SFr2.03 billion).
The deal, announced on Thursday, would help Toshiba to gain a foothold in the global smart grid market.
In a statement Toshiba said it expected the market to grow to 5.8 trillion yen – six times its current size – over the next decade.
Founded in 1896, Landis+Gyr makes smart meters – a key component of smart grids, which are a form of electricity network using digital technology. Its 2010 sales were about $1.5 billion.
The deal comes as Toshiba and its rivals cope with the impact of the nuclear crisis in Japan.
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