KONE acquires Spanish elevator company

Press Release Published 27/03/2008

KONE acquired the Arundel Elevator Company, a full service elevator company based in Baltimore, Maryland. The acquisition significantly increases KONE's customer base in Maryland and the neighboring Mid-Atlantic states.

"Arundel Elevator has successfully grown by providing outstanding service to its customers, which is in line with our approach here at KONE," says Vance Tang, KONE EVP and Area Director for the Americas. "We believe that by combining KONE’s solutions and resources with Arundel’s well developed customer base we can meet and even exceed expectations in the marketplace."

The Arundel Elevator Company is a family owned and operated elevator company focusing on maintenance, modernizations and repairs. Arundel Elevator employs 45 people and has approximately 840 elevators in its maintenance base. The company will be integrated into KONE's Baltimore branch.

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 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. Its 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)50 384 9440 or +358 (0)204 75 4501

2008-03-27 KONE acquires Spanish elevator company

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