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Kone Cargotec sells cabin producing company Velsa

Press Release Published 11/10/2004

Kone Cargotec, which is part of KONE Corporation, has signed an agreement for the sale of the entire share capital in Velsa Inc. to the Finnish Rautaruukki Corporation.

Velsa is the leading Nordic manufacturer of mobile cabins for machines used in forestry, construction, industry, harbours and mining. It is currently a subsidiary of Kalmar, which is the container-handling business area of Kone Cargotec, with net sales of EUR 42 million (2003) and 396 employees as of September 2004. The transaction will not affect the personnel.

The parties have agreed not to publish the value of the transaction. The transaction is subject to competition authority approval in Sweden.

Sender:

KONE Corporation

Tapio Hakakari
Secretary to the Board of Directors

Minna Mars
Senior Vice President, Corporate Communications & IR

For further information, please contact:
Kari Heinistö, Senior Executive Vice President, Kone Cargotec, tel. +358 (0)204 55 4542

KONE is a global service and engineering company that specializes in moving people and goods. It comprises two divisions: KONE Elevators & Escalators and Kone Cargotec. KONE Elevators & Escalators sells, manufactures, installs, maintains and modernizes elevators and escalators, and services automatic building doors. Kone Cargotec’s businesses are the leading providers of container and heavy industrial handling solutions (Kalmar) and on-road load-handling equipment (Hiab). KONE's B shares are listed on the Helsinki Exchanges.

www.konecorp.com