KONE Corporation has acquired the entire shareholding of UK Lift Company Ltd from the company’s management and 3i, a leading private equity and venture capital company.
UK Lift recorded sales of approximately EUR 40 million during the fiscal year ending 31 March, 2004 and employs 200 people.
The sale of new elevators represents approximately one third of UK Lift’s operations. The rest consists of equipment maintenance and modernization, in addition to which the company’s product range includes various kinds of platform lifts for the retail trade.
The acquisition strengthens KONE’s position as a supplier of equipment and services to the U.K. retail sector, which accounts for 70% of UK Lift Company Ltd’s business operations. UK Lift and KONE have relationships in common with several of the large U.K. retail chains.
UK Lift Company Ltd will continue its operations as an independent subsidiary of KONE.
Executive Vice President
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Klaus Cawén, Executive Vice President, tel. +358 (0)400 709 148