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KONE strengthens its door business in Central Europe

Press Release Published 15/11/2002

KONE has significantly strengthened its door business in Central Europe through the acquisition of Waldoor B.V. of the Netherlands and Waldoor Nord GmbH of Germany.

Waldoor produces, sells and maintains automatic doors. KONE will have exclusive use of the Waldoor name.

KONE purchased Waldoor and its subsidiaries in the Czech Republic, Poland and the United Kingdom on 5 November, 2002. Waldoor B.V., headquartered in Veenendaal, is the Netherlands' largest producer of automatic passenger doors. In the Netherlands Waldoor employs 90 people, has installed more than 25,000 doors, maintains some 9,000 units, and will record sales totaling approximately EUR 13.5 million this year. Together Waldoor and Konematic Netherlands, KONE's subsidiary specialized in automatic door service, are now the third largest player in the door service business in the Netherlands with a combined total of 12,000 doors under maintenance contract.

From 1 January, 2003 KONE will take over Waldoor Nord GmbH of Germany, a former subsidiary of Waldoor B.V. The company, whose main office is located near Hamburg, has 30 employees and a turnover of approximately EUR 3 million. Waldoor Nord has 2,000 doors under maintenance contract.

Sender:
KONE Corporation

Tapio Hakakari
Secretary to the Board of Directors

Outi-Maria Liedes
Senior Vice President
Corporate Communications & IR

For further information, please contact:
Outi-Maria Liedes
Senior Vice President, Corporate Communications & IR
tel +358 204 55 4292

www.kone.com