KONE completes the sale of its Russia operations

KONE Corporation, press release, October 24, 2023

KONE Corporation, a global leader in the elevator and escalator industry, has completed the sale of its Russia operations to Russia-based S8 Capital diversified Holding.

The transaction has been approved by the relevant authorities and the closing of the deal means that KONE is now fully divested from Russia. The value of the transaction is not disclosed.

The sale of the business follows KONE's March 2022 announcements to cease deliveries and not sign new orders, as a result of Russia's military actions against Ukraine. In June of the same year, KONE announced plans to divest its business and operations.

At the time of closing the deal, KONE employed around 300 people in Russia and the business accounted for less than 1% of KONE's global sales.

For further information, please contact:   

Scott McMahon, Senior Communications Manager, KONE Corporation, tel. +358 50 356 0462, media@kone.com   

About KONE

At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2022, KONE had annual sales of EUR 10.9 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

Read more: 

KONE ceases deliveries to Russia

KONE divests its operations in Russia