KONE has signed an agreement to acquire UAB Elektros Pavara ir Ko, a Lithuanian elevator company based in Vilnius.
The acquisition strengthens KONE’s position in the Baltic Countries. The ownership of the shares of Elektros Pavara will be transferred to KONE immediately.
“The acquisition of Elektros Pavara completes KONE’s market expansion strategy in the Baltic Countries. KONE first entered the Baltic region in 1991 to establish a foothold in markets with attractive growth prospects. As a result of the acquisition, KONE will be the leading elevator company in the Baltic Countries and we can better serve our regional customers”, comments Noud Veeger, KONE Area Director for Central and North Europe.
Elektros Pavara has been KONE’s distributor in Lithuania since 1992. The company installs, maintains and modernizes elevators and escalators. Elektros Pavara has about 1,350 elevators and escalators in its maintenance base and around 90 employees.
Area Director, Central and North Europe
Senior Vice President,
Corporate Communications & IR
For further information, please contact:
Minna Mars, SVP, Corporate Communications & IR, tel. +358 (0)204 75 4501 or +358 (0)50 384 9440
KONE is one of the world’s leading elevator and escalator companies. It provides its customers with industry-leading elevators and escalators, with innovative solutions for their maintenance and modernization. KONE also provides maintenance of automatic building doors. In 2006, KONE had annual net sales of EUR 3.6 billion and approximately 29,000 employees. Its class B shares are listed on the OMX Nordic Exchange in Helsinki, Finland.