Dive Summary:
- In response to nearly two years of declining sales, smart meter company Itron announced on Thursday plans to cut 9% of its workforce (or about 750 jobs) and shutter or consolidate several facilities.
- Smart meter giants such as Echelon continue to face disappointing sales as U.S. utilities run through the stimulus grant money for smart meter programs and future programs in Europe face regulatory delays.
- For Itron, this latest restructuring marks the company's second massive lay-off since October 2011. Itron will take a $30-$35 million third-quarter charge for the restructuring but expects to see a net annualized cost savings of $30 million.
From the article:
"...the U.K.’s nationwide deployment, as well as others in France and Spain, have yet to award contracts for the tens of millions of smart meters that will connect to these underlying communications architectures."
