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KONE Acquires RSU5 in St. Petersburg

Press Release Published 05/09/2007

KONE has acquired the remaining 90 percent of the St. Petersburg based elevator service company called RSU5.

Since 2006, KONE has had a holding of 10 percent in this formerly City held company, which was privatized in 1999. KONE now has a full ownership of the company.

In St. Petersburg, the number of elevators in operation currently amounts to 40,000 units and annual new elevator volume to 2,000 units per year. The acquisition further strengthens KONE’s position in St. Petersburg by giving KONE access to the municipal housing market, which is the largest maintenance segment in St. Petersburg. This housing segment offers significant potential for modernization and replacement.

“Since its privatization from the City of St. Petersburg, RSU5 has continuously increased sales of modernization and replacement, which remains an immediate growth opportunity for KONE,” states Klaus Cawén, KONE Executive Vice President.

RSU5 has 5,600 elevators in its maintenance base in the City of St. Petersburg and it employs 240 people.

About KONE

KONE is one of the world’s leading elevator and escalator companies. It provides customers with industry-leading elevators, escalators and innovative solutions for maintenance and modernization. KONE also provides maintenance services for automatic building doors. In 2006, KONE had annual net sales of EUR 3.6 billion and approximately 29,000 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland.

www.kone.com

For further information, please contact:
Jeff Eaton, Country Director, Russia, tel. +7 095 755 4730