Spokane, WA, U.S.A. --- (METERING.COM) --- April 19, 2007 - Itron’s acquisition of Actaris Metering Systems has been completed, creating a worldwide company with more than 8,000 utility customers and 33 manufacturing facilities.
“We are delighted to announce the completion of the Actaris acquisition,” said LeRoy Nosbaum, chairman and CEO of Itron. “In talking with customers, investors and employees over the past two months it is apparent that this is the right acquisition at the right time.”
Itron is a leading supplier of AMR systems and electricity meters in North America, while Actaris is a leader in electricity, gas and water metering, primarily outside of North America. The acquisition, which cost $1.7 billion, will allow Actaris to offer Itron’s AMR and advanced metering infrastructure (AMI) technologies, software and systems expertise to customers outside of North America, and expand Actaris gas and water meter opportunities in North America.
The combined company will be one of the largest electricity, gas and water metering companies in the world, with customers in more than 60 countries.
Actaris will continue to operate fundamentally as it does today, with electric, gas and water businesses. Malcolm Unsworth, Itron’s former Vice President of Hardware Solutions, has moved to Brussels to assume the day-to-day operations of the company as Actaris’ Senior Vice-President and Chief Operating Officer. Philip Mezey, Itron’s former Vice President of Software Solutions, will become Senior Vice President and Chief Operating Officer of Itron’s North American operations.
“We are excited to complete this transaction so quickly,” said Nosbaum. “The combination of Itron and Actaris will create opportunities for both companies, for our customers and for our investors and we are looking forward to making the most of those opportunities.”