MOM Zrt. reverts back to local ownership
MOM Vízméréstechnikai Zrt., founded in 1876 in Cluj Napoca (now Transylvania), is now wholly owned by a local investor group and will celebrate its 140th anniversary this year, according to a press release issued by the company today.
MOM Vízméréstechnikai Zrt. announces a change of hands at a press conference yesterday.
The formerly Hungarian meter manufacturer has been bought by a local group of investors from the Diehl group of Germany. “Diehl of Germany, the company’s former owner, is increasingly shifting the production capacity of its metering division to service provision and system operation as part of their business model change. This is why they offered a buy-out option to MOM Zrt.’s management. The close cooperation between the two companies continues,” said CEO Metens Regis speaking at a press conference to announce the deal.
“In terms of their metering precision and reliability, MOM Zrt.’s products are outstanding in domestic and international markets. The company’s new marketing strategy and its renewed brand rests on a client-centric sales approach,” said Dávid Timár, business director of MOM Zrt.
MOM Zrt. is the only water meter manufacturer based in Hungary and is also a strong global player providing conventional as well as smart metering services. “Our market share in this field [smart metering] is approximately 98%, and by 2015, over 130,000 meters connectable to smart readers and over 500,000 meters connectable to radio modules will be owned by local service providers,” said Timár.
MOM was purchased from its Hungarian owners by Austrian EWT in 1996, and taken over by the German Diehl group in 2003. MOM currently employs approximately 150 people, and has an annual turnover of approximately HUF 3 billion, according to the press release.
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