Spokane, WA, April 12, 2006 — Itron Inc. announced an agreement to acquire the stock of ELO Sistemas e Tecnologia Ltda. (ELO Tecnologia). The acquisition is expected to close in the second quarter of 2006.
ELO Tecnologia sells, installs and services electric meters, automatic meter reading (AMR) equipment and related systems in Brazil and elsewhere in South America. Meter services provided by ELO Tecnologia include field investigation services, theft and inaccurate meter analysis, installation and other services.
ELO Tecnologia has been Itron’s distributor in South America since November 2004 and has been manufacturing Itron’s CENTRON solid-state electricity meters in Brazil since June 2005. Together, the two companies sold more than 85,000 CENTRON meters to utilities in Brazil in 2005, and have received orders for an additional 40,000 CENTRON meters to date in 2006. There are approximately 60 million installed electricity meters in Brazil. The estimated market opportunity is approximately 3 million meters annually and is expected to grow.
Once the acquisition closes, Itron will have offices and a manufacturing assembly facility in Campinas and Sao Paulo, with approximately 80 employees performing sales, manufacturing, field investigations, installations and other services, and administrative functions.