Landis+Gyr consolidates its Corinth factory

Having been present on the Greek market for half a century, the Swiss multinational group Landis+Gyr, one of the world leaders in the production and marketing of electrotechnical and electronic machinery and energy management systems, has made the Corinth factory its most central asset in Europe, as it manufactures products which “travel” to 57 countries around the world.

The group was founded 126 years ago and today has ten factories worldwide, 6,800 employees on five continents and sales of over 1.5 billion dollars in 2021.

The portfolio of products and services, today, also includes advanced technologies for e-mobility, as well as cyber security systems for advanced smart metering infrastructures, Operational Technology (OT) and industrial Internet of Things (IIoT).

Investments of 38 million euros in Corinth

CEO Werner Lieberherr’s visit to Corinth took place to celebrate this important milestone and mainly to recognize all the women and men who work at the Corinth plant and to thank them for their dedication and commitment to driving the company in this historic event.

The company considers the Corinth plant as Landis+Gyr’s international production hub for the EMEA (Europe, Middle East and Africa) region as well as a strong candidate for further expansion of its activities.

The new investments will lead to an increase in the employment of talented executives and workers combined with the development of innovative advanced manufacturing technologies, thus making Corinth the industry’s most important smart meter center of excellence.

Currently, the company’s factory in Corinth employs 687 people and produces more than 7.5 million units annually, confirming its undeniable know-how in smart solutions for advanced energy management.

In recent years, Landis+Gyr has invested significantly in the Corinth plant: the total capital investment from 2015 to date amounts to €38 million.

As part of the above investment program, it has already relocated a significant number of production lines from other production units in Europe to Corinth, including, but not limited to, smart industrial meters and gas meters in 2015 and 2019 respectively.

As a leader in energy management solutions, Landis+Gyr is committed to contributing to decarbonization through its related products, software and services and value chain operations. Its commitment to the environment is also reflected in the Corinth plant, which exclusively uses electricity derived from renewable energy sources.

$1.5 billion in sales

With sales of $1.5 billion in 2021, Landis+Gyr employs approximately 6,800 people on five continents.

On 27 October 2022, it announced its (unaudited) financial results for the first half of fiscal year 2022 (01 April – 30 September 2022), recording strong order flow of $773.2 million, as well as outstanding commitments – a record $3,479.7 million, up 7.5% year-on-year.

Net income in the first half of 2022 increased by 10.3% at constant exchange rates to $728.7 million, with the main source of growth in the Americas, and despite problems in supply chains.

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Adjusted EBITDA fell 31.2% to $48.7 million, or a 6.7% margin, due to increased supply chain costs and a strong dollar.

Net income was $186.5 million, including a one-time gain related to the divestment of the minority stake in Intellihub. Diluted earnings per share $6.57.

Strong balance sheet with low net debt of $79.3M and net debt / floating adjusted EBITDA ratio: 0.63x

As stated by the company, it continues to successfully support utilities and end-users to overcome current challenges due to external factors, such as managing rising energy costs, while continuing to invest in innovation and capacity expansion. capacity to provide maximum support.

Note that 10.7% of global annual revenue in fiscal year 2021 was invested in innovation (R&D).

How it supports utilities

The group works with utilities worldwide. With top quality, reliable and innovative solutions, it ensures its customers:

• Increasing the efficiency of their operations and improving their financial results.

• Protection of crucial energy infrastructure (including smart meters).

• Provision of specialized value-added services such as outage prevention.

• Facilitating the upgrading of distribution networks through, for example, faster integration of renewable energy sources.

Strong commitment to sustainability

Landis+Gyr is fully committed to being a socially and environmentally responsible corporate citizen.

The company is a member of the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, and is fully committed to promoting the UNGC’s ten principles in the areas of human rights, labour, anti-corruption and the environment.

We have developed and implemented an integrated ESG program that covers 10 axes in all its dimensions: Environment, Society and Governance. The program captures aspirations, actions and goals and drives continuous improvement of ESG performance.

The Annual Sustainability Report is:

• Aligned with GRI standards.

• Externally controlled.

• A central source of information for disclosures of ESG performance data and information on progress in relation to the company’s ESG commitments.

The company’s innovative portfolio of software, services and smart devices is a key driver in decarbonizing the grid. In fiscal year 2021 alone, it contributed to the prevention of more than nine million tons of CO2 emissions.