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KONE to Acquire Thai Lift Industries of Thailand

Press Release Published 30/03/2005

KONE has acquired a controlling interest in Thai Lift Industries Public Company Limited, which is listed on the Stock Exchange of Thailand, and made a public offer to acquire all its outstanding shares.

Thai Lift has represented KONE in Thailand for more than ten years.

“The acquisition of Thai Lift is consistent with KONE’s strategy for growth in Asia,” explains Klaus Cawén, Executive Vice President, M&A and Strategic Alliances. “It gives us a firm position as the market leader in the growing Thai market and lays the groundwork for additional growth opportunities in Southeast Asia.”

Thai Lift is a leading elevator company in the Thai market. KONE’s elevator and escalator products comprise the major portion of Thai Lift’s offerings. The company sells more than 400 elevators annually and has a service portfolio of over 2,500 units under maintenance contract. Thai Lift recorded net sales of approximately EUR 9.2 million in 2004 and has 560 employees.

Following a successful outcome of its public offer, KONE intends to change the company name to KONE Thailift Industries Plc and begin preparation for delisting the company.

Sender:

KONE Corporation

Klaus Cawén
Executive Vice President

Minna Mars
Senior vice president, Corporate Communications & IR

For further information, please contact:
Pekka Kemppainen, Area Director, Asia-Pacific, tel. +852 2786 6684

www.konecorp.com