ITRON, INC. ANNOUNCES AGREEMENT TO ACQUIRE ENSCAN, INC.
ITRON, INC. ANNOUNCES AGREEMENT TO ACQUIRE ENSCAN, INC. SPOKANE, Wash., Jan. 13 /PRNewswire/ Itron, Inc., a leading manufacturer of remote data management systems for utilities and telephone companies, has reached preliminary agreement to acquire EnScan, Inc., a highly respected supplier of automated meter reading systems to utilities, Itron said today. EnScan, a wholly owned subsidiary of Arkla, Inc. of Shreveport, La., manufactures the AccuRead(R) meter reading system which uses proprietary radio technology to remotely collect utility meter readings. EnScan employs approximately 100 people and has its headquarters in Eden Prairie, Minn., with operations in Waseca, Minn. Itron will issue stock to Arkla in exchange for all outstanding shares in EnScan, resulting in Arkla becoming the second largest shareholder in Itron. Itron's majority shareholder remains The Washington Water Power Company (NYSE: WWP) of Spokane, Wash. The acquisition is subject to the execution of a definitive purchase agreement and completion by all parties of due diligence efforts. It is expected to be complete by February, 1992. Further details will be released as they become available. Founded in 1977, Itron has been a leader in combining computers and communications networks for remote data collection and management applications. The company's electronic meter reading, field service, and distribution automation systems are installed at more than 700 utilities and telephone companies worldwide. Itron employs approximately 650 people and is headquartered in Spokane, Wash. Itron subsidiaries are located in the United Kingdom, France, Germany, Australia, and Canada. -0- 1/13/92 /CONTACT: James E. Thompson of Itron, Inc., 509-924-9900/ (WWP) CO: The Washington Water Power Co.; Itron Inc.; EnScan Inc.; Arkla, Inc. ST: Minnesota IN: UTI SU: TNM
SC-LM -- SE005 -- 9119 01/13/92 13:00 EST
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|Date:||Jan 13, 1992|
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