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CORRECTED - UPDATE 1-Landis+Gyr wins smart meter deal with AEP

(Corrects spelling of company name in fifth and last paragraphs)

SAN FRANCISCO, June 1 (Reuters) - Landis+Gyr, a privately held maker of smart meters, has received a five-year contract to install 700,00 smart electric meters for AEP Texas, the company announced on Monday.

A source with knowledge of the deal placed the value of the contract at between $75 million and $100 million.

AEP Texas of Corpus Christi, a unit of American Electric Power AEP.N, agreed to use the Landis+Gyr Gridstream meters, which connect to home networks and can send real-time pricing signals to consumers .

Landis+Gyr, headquartered in Zug, Switzerland, won the contract in competition against others in the field. The names of its competitors were not disclosed but major players in the sector include Silver Spring Networks and Itron ITRI.O.

Landis+Gyr has sales of $1.25 billion and employs 5,000 people in 30 countries.

Richard Mora, chief executive of the company’s North American unit, said the technology “will improve efficiency and help control rising costs.”

Landis+Gyr, headquartered in Zug, Switzerland, won a competition for the meter against others in the field. The names of the competitors were undisclosed, but among the large players are privately held Silver Spring Networks and Itron ITRI.O.

Landis+Gyr has sales of $1.25 billion and employs 5,000 people in 30 countries. (Reporting by David Lawsky, editing by Gerald E. McCormick)

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