KONE significantly strengthens its market position in Philadelphia

Press Release Published 03/03/2009

KONE has acquired FairWay Elevator Inc, one of the most successful independent elevator service companies in the Philadelphia area. Through this acquisition, KONE establishes itself as one of the largest elevator and escalator companies in the Philadelphia region. FairWay and KONE will be combining their elevator operations under the KONE name over the coming months. FairWay Elevator Inc, is privately owned and employs 45 people.

“We are thrilled to be adding great new customers and employees in the fourth largest Metropolitan area in the United States,” says Vance Tang, EVP and Area Director, Americas, KONE. "The combined FairWay – KONE teams welcome the opportunity to continue to offer outstanding services to FairWay and KONE customers. We also offer a warm welcome to the new team members from FairWay Elevator joining KONE through this acquisition.”

FairWay has grown significantly by delivering innovative modernization solutions and completing projects on budget and on schedule. In addition to their great reputation for modernization projects, the FairWay team has grown throughout the Philadelphia area with their use of industry best practices. FairWay has not participated in the new construction business which is an area of particular strength for KONE. This combination will deliver strong synergies for joint operations given KONE’s solid market position in elevators and escalators.

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)204 75 4787.

2009-03-03 KONE significantly strengthens its market position in Philadelphia

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