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KONE and Industri Kapital Finalize the Sale of Paroc to Banc of America Equity Partners

Stock Exchange Release Published 12/02/2003

Partek Corporation, part of the KONE Group, Industri Kapital and the management of Paroc have on February 12, 2003 finalized the sale of Paroc Group Oy Ab to a Finnish holding company owned by a fund administered by Banc of America Equity Partners.

Sender:
KONE Corporation

Tapio Hakakari
Secretary to the Board of Directors
Corporate Communications & IR

Outi-Maria Liedes
Senior Vice President

For further information, please contact:
Kari Heinistö, Senior Executive Vice President, KONE Materials Handling,
tel. + 358 204 55 4542
Outi-Maria Liedes, Senior Vice President, Corporate Communications & IR, KONE,
tel. + 358 (0) 204 75 4501
Michael Rosenlew, Director, Industri Kapital, tel. +46 8 678 9500
Peder Biese, President and CEO, Paroc Group, tel. +358 204 55 4868

KONE is a global service and engineering company that specializes in moving people and goods. Annual net sales total EUR 5,500 million, and we employ nearly 36,000 people. KONE's B shares are listed on the Helsinki Exchanges.

Paroc is one of the leading manufacturers of stone wool insulation products and solutions in Europe. Paroc products include building insulation, technical insulation, marine insulation, structural stone wool sandwich panels and acoustics products. Paroc’s net sales in 2001 totalled EUR 281 million (January-September 2002: EUR 206 million) and the company has 1,800 employees. Last year’s operating profit before depreciations and non-recurring items
(EBITDA) totalled EUR 38 million (33). Paroc’s main markets are Finland, Sweden, the Baltic countries and Poland, and it has sales companies in 13 countries.

Industri Kapital is one of the leading private equity firms in Europe with equity capital under management in excess of EUR 3 billion from Nordic, European and international institutional investors. Since its formation in 1989 Industri Kapital has, through its four funds, carried out 46 strategic investments. Industri Kapital currently has a portfolio of 25 companies with a total turnover exceeding EUR 11 billion.

ww.kone.com