KONE grows service business through strategic acquisition in Los Angeles

Press Release Published 02/06/2009

KONE acquired Excel Elevator Inc, an independent elevator service company based in Los Angeles, USA. In addition its significant maintenance base, Excel has a great reputation in the Southern California market for its quality work in modernizing vertical transportation systems. Excel Elevator is privately owned and operated, has 26 employees and is focused on elevator maintenance, modernizations and repairs. Excel and KONE will be combining their elevator operations under the KONE name over the coming months.

“We are pleased to combine our operations with a company that has achieved so much, and has developed such strong capabilities in the modernization business,” says Vance Tang, KONE EVP and Area Director for the Americas. “We expect to strengthen our modernization business by leveraging best practices developed by Excel and are excited to grow our service business in the second largest metropolitan area in the United States.”

"KONE welcomes the opportunity to continue offering outstanding service to Excel Elevator's customers. We also offer a warm welcome to the new team members from Excel Elevator joining KONE through this acquisition," Vance concludes.

About KONE

KONE’s objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2008, KONE had annual net sales of EUR 4.6 billion and over 34,800 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.


For further information, please contact:

Anne Korkiakoski, Executive Vice President, Marketing & Communications, tel. +358 (0)50 674 11

2009-06-02 KONE grows service business through strategic acquisition in Los Angeles

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