In the news:
Originally published Wednesday, February 15, 2012 at 4:39 PM
Meter-maker Itron to purchase Mississippi tech company for $100M
By purchasing SmartSynch, Itron acquires a technology that allows its automated meters to communicate to utilities via cell towers.
Seattle Times business reporter
Itron, a Liberty Lake company that sells meter-reading technology, has agreed to buy SmartSynch of Jackson, Miss., for $100 million.
The acquisition is expected to close in the second quarter.
Itron sells automated meters to utilities, so that in real time they can read customers' usage remotely and detect things such as a gas leak.
The meters have communicated with utility companies primarily through radio waves. SmartSynch brings a technology that allows them to communicate using cell towers.
Itron has 8,000 utility customers in 130 countries. It has partnered with SmartSynch for more than a decade, but the deal puts this technology in Itron's portfolio without having to build it.
Itron said it plans to keep SmartSynch's headquarters in Jackson, but will decide later how many SmartSynch employees will stay.
Last fall, Itron cut about 750 of its 10,000 jobs worldwide and closed six manufacturing sites, mostly in Europe. It said its roughly 500 headquarters workers in Liberty Lake, east of Spokane, were not affected.
Itron's stock dropped 69 cents to $40.11 a share Wednesday.
Melissa Allison: 206-464-3312 or mallison@seattletimes.com. On Twitter @AllisonSeattle.
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