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KONE Acquires City Elevator Company

Press Release Published 09-01-2016

NEW YORK Sept. 1, 2016

KONE, a global leader in the elevator and escalator industry, today announced it has acquired the business of City Elevator Company in New York City.

City Elevator Company has been operating in the greater New York metropolitan area since 2002 and has grown into a respected full service provider in the market. This acquisition adds significant depth and talent to KONE’s service, repair, modernization and new installation business in the Greater New York area and the five boroughs of New York City.

“The New York metropolitan area represents a key market for KONE and we are excited to welcome the City Elevator Company employees and customers,” said Larry Wash, executive vice president for KONE Americas. “The acquisition of City Elevator, a company with a strong reputation and large talented workforce, both strengthens our market position and supports our larger goal of offering the most innovative People Flow solutions to our customers.”

About KONE

KONE is one of the global leaders in the elevator and escalator industry. KONE's objective is to offer the best People Flow® experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides industry-leading elevators, escalators, automatic building doors and integrated solutions to enhance the People Flow in and between buildings. KONE's services cover the entire lifetime of a building, from the design phase to maintenance, repairs and modernization solutions. 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 OMX Helsinki Ltd. in Finland.

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