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KONE Incorporates Operations

KONE Incorporates Operations

Stock Exchange Release Published 13/09/2004

KONE Corporation is increasing the transparency of its group structure in Finland by transferring the operative business from the parent company to two fully owned Finnish subsidiaries on October 1, 2004.

The Finnish operative business unit as well as the units responsible for exports and major projects will be transferred to KONE Elevators Ltd. The production units located in Hyvinkää and Hämeenlinna will be transferred to KONE Industrial Ltd. Shared functions such as corporate administration and research and development, which provide services to all subsidiaries, will remain in the parent company, KONE Corporation.
This structural change will have no effect on KONE’s personnel or its operations. The incorporation is part of a global development process, in which elevator and escalator production will form one subsidiary, and sales, installation, repair, maintenance and modernization services another, separated from supporting functions and shared services.
Sender:
KONE Corporation
Tapio Hakakari
Director & Secretary to
the Board of Directors
Minna Mars
Senior Vice President, Corporate Communications & IR
For further information, please contact:
Tapio Hakakari, Director & Secretary to the Board, tel. +358 (0)400 408 316
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 supplies products and services to facilitate moving and loading cargo. KONE's B shares are listed on the Helsinki Exchanges.
www.konecorp.com