Landis+Gyr Comments on Toshiba Accounting Situation
Zug, Switzerland, 21st July, 2015 – 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.”