May 6 (SeeNews) - Swiss smart meter and smart grid solutions provider Landis+Gyr AG (SWX:LAND) plans to make a major acquisition in the US, its largest and most profitable market, in the course of this year, chief executive Werner Lieberherr said on Thursday.
The deal will be part of the company's strategic transformation, Lieberherr said at a conference as cited by news agency AWP.
Landis+Gyr made several acquisitions in fiscal 2021/22. Most recently, it closed the purchase of 100% of Turkish smart metering devices provider Luna Elektrik Elektronik Sanayi ve Ticaret A.S. after receiving the required governmental approvals.
The Cham-based smart metering provider is struggling with rising material prices, shortage of components and high logistics costs. However, since less than 1% of the company's sales are generated in Russia, Ukraine or Belarus, the direct impact of the war is very small, Lieberherr said.