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Itron Names Deitrich as COO; to Conduct Operational Review

Zacks Equity Research
Updated

Itron, Inc. ITRI has announced the appointment of Tom Deitrich as executive vice president (EVP) and chief operating officer (COO). Deitrich, who will assume his responsibilities from Oct 10, 2015, will embark on an operational review that will focus on refining Itron’s Manufacturing and Supply Chain Strategy and also comprehensive evaluation of its R&D processes.

Deitrich brings to Itron more than 20 years of experience in global operations. He has held executive and senior leadership positions at Freescale Semiconductor, Ltd. FSL, Flextronics International Ltd. FLEX, General Electric Company GE and Sony Ericsson Mobile Communications, Inc, among others. During his earlier executive management roles, Deitrich led business-level strategies that facilitated growth during times of changing market conditions.

After a thorough evaluation of Itron’s operations, Deitrich will advice the company on how to enhance its operational and financial performance. Itron is currently finalizing a leading global consulting firm to assist Deitrich and the company during this process.

Itron will carry out a comprehensive evaluation of its manufacturing strategy as well as review the effectiveness of its manufacturing footprint and supply chain. This will help identify opportunities to balance capacity and strategic sourcing, optimize inventory efficiency, enhance quality and lower costs.

Itron will also conduct a comprehensive evaluation of its R&D processes and programs to identify opportunities to improve efficiency and maximize returns on its R&D investments. Adoption of smart metering and smart grids is accelerating globally and hence, Itron will continue to target investments in innovative hardware, networks, software and services that enable smart cities, power the Internet of Things that will boost its growth profile.

Meanwhile, Itron will continue with its ongoing restructuring initiatives which include the closure of facilities in Brazil, Italy, South Africa, and Saudi Arabia. Itron remains on track to achieve its previously announced $40 million of annualized savings beginning in 2017. This is expected to have a positive long-term impact on Itron’s margins.

Liberty Lake, WA-based Itron Inc., along with its subsidiaries, is one of the principal technology providers to energy and water industries worldwide. It produces electricity, gas, water and heat meters, data collection and utility software solutions as well as various other associated metering products. The company provides its services to residential, commercial and industrial customers, along with transmission and distribution customers.

Itron currently carries a Zacks Rank #3 (Hold).

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ITRON INC (ITRI): Free Stock Analysis Report
 
FLEXTRONIC INTL (FLEX): Free Stock Analysis Report
 
GENL ELECTRIC (GE): Free Stock Analysis Report
 
FREESCALE SEMI (FSL): Free Stock Analysis Report
 
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