• Open subnavigation
    Close subnavigation
News
 
Production
  • 2005 Xunzhi Road,
    Nanxun Economic
    Development Zone,
    Huzhou, Zhejiang
    Province,P.R. China

  • Sales Hotline

    400-886-5588

  • Service Hotline

    400-886-1188

KONE to acquire the remaining 20% stake in its Chinese subsidiary GiantKONE from Giant Holdings

August 25, 2016

KONE Corporation, stock exchange release, August 25, 2016

KONE will acquire the remaining 20% stake in GiantKONE Elevators Co., Ltd. (“GiantKONE”) from Zhejiang Giant Holdings Co., Ltd. (“Giant Holdings”). The acquisition price is approximately EUR 180 million. The transaction will be closed after receipt of relevant authority approvals. Following this transaction KONE will increase its shareholding in GiantKONE from 80% to 100%.

KONE has fully consolidated GiantKONE in its consolidated financial statements since December 2011, and therefore the acquisition will not have an impact on KONE’s sales or operating income.

KONE operates in China with two separate brands, the KONE brand and the GiantKONE brand. GiantKONE is a major elevator and escalator company with nationwide operations in China. KONE began co-operation with Giant Holdings in the form of a joint venture in 2005.




For further information, please contact:

Katri Saarenheimo, Director, Investor Relations, tel.+358 204 75 4705.






Sender:

KONE Corporation

Henrik Ehrnrooth, President and CEO

Klaus Cawén, Executive Vice President, Legal Affairs, M&A and Strategic Alliances and Russia


About KONE



At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2015, KONE had annual net sales of EUR 8.6 billion, and at the end of the year close to 50,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

www.kone.com