Siemens becomes Landis + Gyr
21.11.02

Siemens AG announced on July 26, 2002, the sale of Siemens Metering and several other business activities to the private equity house, Kohlberg Kravis Roberts & Co (KKR). Siemens will continue to hold a minority investment of 19 % as a basis for continuing partnership. This divestment represents a key step for Siemens in optimising its current portfolio and is in line with earlier announcements to streamline it.

KKR is one of the leading private equity companies on a global scale and a pioneer in its field. Since its founding in 1976, KKR has completed more than 100 investments involving in excess of $ 100 billion of total financing. KKR wants its portfolio companies to invest for future competitiveness, and thereby encourages them to take a long-term perspective and to maintain business focus.

For our Metering business, this is an unique opportunity to position ourselves better, to retain and capitalise on our leading market position. KKR has the financial resources and the commitment to help us execute our strategy and to grow further. This, we believe, builds an ideal springboard to expand our partnership, supporting you in your aim to serve and satisfy your customers and to increase the competitiveness of your business.

For this we can use one of the most famous names in our business as a basis: Landis+Gyr.

Since 1896, Landis+Gyr has stood for innovation, leadership, vision, proven, competence and quality. This is also an obligation for us in the future, which we want to shape together with you.

After the announcement, the sale will be filed with the European Commission to get final anti-trust approval. This should be completed by the end of September. Once reached this stage, we then will continue our co-operation under the new company name Landis+Gyr, together with about 3,800 colleagues in 26 companies of the new Landis+Gyr group world-wide. The re-naming will take place January 1st 2002 latest.