KONE acquires an elevator company in northern New Jersey

Press Release Published 01/08/2008

KONE acquired the International Elevator Company (IEC), a full service elevator company based in New Jersey, USA. The acquisition significantly increases KONE's maintenance base in northern New Jersey.

"The acquisition allows us to establish a physical presence in the northern part of the state, which we previously managed from our New York operations,” says Vance Tang, KONE EVP and Area Director for the Americas. “IEC has successfully grown by providing outstanding service to their customers, which is perfectly aligned with our focus at KONE. We welcome the opportunity to continue that job and look forward to bringing in added value by KONE’s industry-leading solutions."
IEC excels in elevator installation, maintenance, modernizations, and repairs. The company has about 1,100 elevators in its maintenance base and employs over 60 people. KONE’s existing operations will be merged into IEC’s premises in New Jersey.

About KONE

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 its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland.

For further information, please contact:
Minna Mars, SVP, Corporate Communications & IR, tel. +358 (0)204 75 4501

2008-08-01 KONE acquires an elevator company in northern New Jersey

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