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KONE Corporation, stock exchange release, March 15, 2010 at 4.30 p.m. EET
Certain municipalities, public authorities and companies have filed civil damage claims against leading elevator and escalator companies in Austria. In total eight claims have been served on KONE’s Austrian subsidiary KONE AG. The claims relate to the 2007 decision of the Austrian Cartel Court.
Most of the claims have been filed on a joint and several basis. The claimed amounts have not been broken down per defendant. The total capital amount claimed jointly and severally from all of the defendants together amounts to 108 million euros.
KONE’s position is that the claims are without merit.
In December 2007 the Austrian Cartel Court found that KONE’s Austrian subsidiary and four other elevator and escalator companies had been involved in anticompetitive practices, and consequently imposed fines on these companies based on anticompetitive practices in the local Austrian market before mid-2004. This decision was subsequently upheld by the Austrian Supreme Court. These decisions do not by themselves, however, mean that KONE or other elevator and escalator companies would have caused damage to their customers.
Each claim and the related evidence will be considered separately. The duration of the proceedings is not known.
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company'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. In 2009, KONE had annual net sales of EUR 4.7 billion and approximately 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. Founded in 1910, KONE celebrates its centennial anniversary in 2010.
For further information, please contact:
Anne Korkiakoski, Executive Vice President, Marketing & Communications,
tel. +385 (0)204 75 4775 or +358 50 67411
Executive Vice President
Marketing & Communications