Demag Holdings SARL, which acquired major meter manufacturer Landis+Gyr from Siemens AG in 2002, has announced that it has signed a definitive agreement to sell Landis+Gyr to Bayard Energy. Bayard Energy is the energy management and conservation division of Australian-based Bayard Capital.

Landis+Gyr was founded in 1896 and is today a global market leader in the electricity meter market. The transaction, which is subject to regulatory approval, is expected to completed by the end of September 2004.