The planned acquisition of the Turkish meter provider Luna further solidifies Landis+Gyr's position in Smart Electricity and Water Metering.
Cham, Switzerland - September 28th, 2021 - Landis+Gyr Group AG (SIX: LAND), a leading provider of integrated energy management solutions, today announced its subsidiary Landis+Gyr AG has entered into a binding agreement to acquire 100% of the shares of Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş., a provider of smart metering devices for electricity, water and heat and associated software solutions, with headquarters in Izmir, Turkey, for a high double digit million US Dollar purchase price. The transaction is expected to close by the end of the calendar year 2021 with closing being subject to customary governmental approvals and other customary closing conditions.
'The acquisition of Luna offers a unique opportunity for Landis+Gyr, as it allows us to expand our core capabilities in smart metering while increasing our offering of cost-competitive solutions with well-established manufacturing capabilities in Izmir,' said Werner Lieberherr, Chief Executive Officer of Landis+Gyr. 'Luna's range of devices and software complements our portfolio and thus will allow us to expand our reach and serve our customers even better.'
Luna is the leading meter provider in Turkey and has established a strong position in engineering, certification, and manufacturing of metering solutions. With revenues of around USD 60 million and more than 850 employees, the acquisition of Luna will allow Landis+Gyr to acquire a meaningful share of the Turkish market, where the transition to Advanced Metering Infrastructure (AMI) has yet to commence, and utilize Luna's vertically integrated manufacturing to drive sales in adjacent markets. Currently, Luna exports products to numerous countries in Africa, Asia, Europe and South America. Next to low-cost solutions for markets, where Landis+Gyr currently has a limited presence, Luna also offers electricity meters for Germany, where it has established a foreign sales entity.
'Our mission is to create value for our employees and customers as the first choice partner with our products, solutions, after-sales services, reliability and high business ethics', stated Mustafa Karabağli, Chairman of the Board at Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş. 'We are happy and excited to join Landis+Gyr and look forward to supporting even more customers on their journey towards a smarter grid with our product portfolio and cost-effective solutions.'
After the closing, the current management team will continue to drive Luna's market expansion and profitable growth as part of the Landis+Gyr group.
About Landis+Gyr
Landis+Gyr is a leading global provider of integrated energy management solutions for the utility sector. Offering one of the broadest portfolios, we deliver innovative and flexible solutions to help utilities solve their complex challenges in Smart Metering, Grid Edge Intelligence and Smart Infrastructure. With sales of USD 1.4 billion in FY 2020, Landis+Gyr employs more than 5,000 people in over 30 countries across five continents, with the sole mission of helping the world manage energy better. For more information, please visit our website www.landisgyr.com.
About Luna Elektrik Elektronik Sanayi ve Ticaret A.Ş.
Having started its operations in 1991, Luna is a leading smart electricity and water meter supplier, providing high quality advanced metering technology inside and outside of Turkey. With a production capacity of more than 400,000 smart meters per month and more than 850 employees, Luna is one of the Research and Development Centers registered by the Turkish government. For more information, please visit www.lunatr.com.
