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KONE to Strengthen Its Presence in China

Press Release Published 04/02/2005

KONE Corporation and Giant Elevator Co. Ltd of China have agreed to form an independent joint venture company: Giant Kone Elevator Company Ltd.

KONE will own 40 percent of Giant-Kone, and Giant Elevator will own 60 percent. The agreement includes an option for KONE to increase its shareholding to more than 50 percent at a later date.

Giant Elevator, with annual net sales of EUR 18 million, is one of the largest national elevator companies in China. It installs 1,100 units annually and has a total service base of 2,500 elevators. Giant Elevator employs 620 people in 10 locations around the country. Its headquarters is located in Nanxun, Huzhou City, Zheijang Province, where the company also has a new factory. Nanxun is approximately 100 kilometers from Shanghai. All of Giant’s elevator and escalator business operations will be transferred to the new joint venture.

“The Giant-Kone joint venture will provide KONE with access to new market segments and additional production capacity in the rapidly growing Chinese market. Although the joint venture will be administratively independent from KONE’s existing China operations, synergy between KONE China and Giant Kone will be created across the entire value chain, from sourcing and component production to sales. Local customers will benefit from the extensive sales network and product range”, Klaus Cawén, Executive Vice President for KONE, explains.

Finalization of the joint-venture agreement will follow approval by the appropriate authorities.

Sender:

KONE Corporation

Klaus Cawén
Executive Vice President

Minna Mars
Senior Vice President, Corporate Communications & IR

For further information please contact:
Klaus Cawén, Executive Vice President, tel. +358 400 709 148

www.konecorp.com