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Itron in Australia Smart-Meter Water Agreement in Victoria State

Sept. 24 (Bloomberg) -- Itron Inc., which makes energy-saving meters for utilities, said it was selected to provide smart meters to Melbourne and regional companies in Australia’s Victoria state so they can better manage water consumption.

The contract to help City West Water, South East Water, Yarra Valley Water and Barwon Water optimize usage, modernize their water networks and conserve resources follows a 3-year water-meter contract with the utilities, the Liberty Lake, Washington-based company said today in a statement.

Itron competes with Switzerland’s Landis + Gyr AG, acquired by Toshiba Corp. last year for $2.3 billion, and Elster Group SE, acquired in June by Melrose Plc.

No terms for the agreement were given by Itron, whose shares have risen 22 percent this year in New York trading compared with a 13 percent gain by the 18-member Bloomberg World Water Index.

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To contact the reporter on this story: Randall Hackley in Zurich at rhackley@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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