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US meter technology provider Itron (Nasdaq: ITRI) has reached an agreement to acquire Brazilian distributor ELO Sistemas, Itron said in a statement.
The acquisition of stock is expected to close in the second quarter of 2006, the statement said.
Once the deal is closed, Itron will set up offices and a manufacturing assembly facility in Campinas and São Paulo with approximately 80 employees.
ELO Tecnologia, which manufactures and sells metering equipment for Itron, sold 85,000 Centron meters in 2005 and has 40,000 new orders for 2006.
The estimated market opportunity is approximately 3 million meters a year, according to the statement.
Itron systems help nearly 3,000 utilities worldwide manage information regarding the delivery and use of energy and water.
With offices in Brazil and Chile, ELO Tecnologia supplies electronic equipment and systems to the South American electricity supply market.