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KONE Acquires Waldoor in the Netherlands and Germany

Press Release Published 15/11/2002

KONE has significantly strengthened its door business in Central Europe through the acquisition of Waldoor B.V. of the Netherlands and Waldoor Nord GmbH of Germany.

Waldoor produces, sells and maintains automatic doors. KONE will have exclusive use of the Waldoor name.

Waldoor B.V., headquartered in Veenendaal, is the Netherlands' largest producer of automatic passenger doors. KONE purchased Waldoor and its subsidiaries in the Czech Republic, Poland and the United Kingdom on 5 November, 2002. In the Netherlands Waldoor employs 90 people, has installed more than 25,000 doors, maintains some 9,000 units, and will record sales totaling EUR 13.5 million this year. Waldoor and Konematic Netherlands, with a combined total of 12,000 doors under maintenance contract (DIS), has become the third largest player in the door service business in the Netherlands.

From 1 January, 2003 KONE will take over Waldoor Nord GmbH of Germany, a former subsidiary of Waldoor B.V. The company, whose main office is located near Hamburg, has 30 employees and a turnover of approximately EUR 3 million. Waldoor Nord has 2,000 doors under maintenance contract.