Toshiba announced on May 19, 2011 that it is acquiring 100% stake in Landis+Gyr for US$2.3 billion, according to the Wall Street Journal. Landis+Gyr is a smart power meter manufacturer. The deal is slated to be finalized in the third quarter of 2011. Toshiba expects that revenues generated from its smart grid-related business will double, reaching 700 billion yen (US$8.56 billion; US$1=81.8 yen) in the fiscal year through March 2016, up from the current 300 billion yen (US$3.67 billion).