LISLE, Ill. SEPT. 29.– KONE, a global leader in the elevator and escalator industry, has entered into an agreement to acquire Cantech Elevator Inc., a Toronto, Canada based modernization and maintenance elevator company with over 20 years in the industry. This strategic acquisition brings together Cantech’s expertise and exceptional customer service reputation with KONE’s global brand, comprehensive portfolio and market reach to help build and strengthen our capabilities and position in the greater Toronto market.
“As a company with extensive experience in the industry and a strong reputation, Cantech Elevator is a perfect fit for KONE. We are excited to welcome the Cantech Elevator team to our KONE team,” says Ken Schmid, Executive VP for KONE Americas. “Their expertise, commitment to excellence and dedication to putting the customer first aligns perfectly with KONE’s priorities.”
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 2023, KONE had annual net sales of EUR 11 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.
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About Cantech Elevators
Cantech Elevators Inc. (founded in 2003) is a Toronto-based elevator company specializing in modernization, maintenance, and custom solutions for residential and commercial properties. With a team of experienced professionals, the company delivers projects on time using innovative technology and sustainable practices. Cantech is fully licensed by the Technical Standards and Safety Authority (TSSA) and is known for its precision, reliability, and customer-focused service.