ZUG, Switzerland, July 21, 2015 /PRNewswire/ -- In response to numerous external inquiries, Landis+Gyr, the global leader in smart metering, issues the following statement regarding Toshiba media releases from earlier today.
Landis+Gyr has operated as an independent growth platform within Toshiba ever since the acquisition was completed in 2011. This means that Landis+Gyr has its own governance body—which includes representatives from the other major investor INCJ (40% owners of Landis+Gyr's equity), its own audit and risk committee, independent auditor and separate financial statements. Therefore, all of Landis+Gyr's audited accounts are prepared for the Landis+Gyr group as a stand-alone entity.
"Landis+Gyr is the key technology provider to TEPCO's major smart meter network deployment, and we are pleased to mention that the technology being deployed is running very well and the project is profitable for Landis+Gyr," Andreas Umbach, Landis+Gyr's President and CEO commented. "Landis+Gyr acts as a sub-contractor at arm's length to Toshiba, who is the prime contractor for this project. As such, there will be absolutely no impact on Landis+Gyr's financial results from any restatements required by Toshiba."
Landis+Gyr is the leading global provider of integrated energy management products tailored to energy company needs and unique in its ability to deliver true end-to-end advanced metering solutions. Today, the Company offers the broadest portfolio of products and services in the electricity metering industry, and is paving the way for the next generation of smart grid. With annualized sales of more than US$1.5 billion, Landis+Gyr, an independent growth platform of the Toshiba Corporation (TKY:6502) and 40% owned by the Innovation Network Corporation of Japan, operates in 30 countries across five continents, and employs 5,700 people with the sole mission of helping the world manage energy better.