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The General Court of the European Union has today announced its judgment concerning KONE’s appeal against the European Commission’s 2007 decision to impose fines on the major elevator and escalator companies, including KONE, for anticompetitive practices prior to mid-2004.
KONE’s appeal was rejected by the court. KONE will study the judgment and decide on potential further action.
KONE announced in March 2007 that it would appeal the European Commission’s February 2007 decision to impose fines for local anticompetitive practices in Belgium, Luxembourg, Germany and the Netherlands. The EUR 142 million fines imposed on KONE were recognized as a cost in the first quarter of 2007.
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company’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. In 2010, KONE had annual net sales of EUR 5 billion and approximately 33,800 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.
For further information, please contact:
Karla Lindahl, Director, Investor Relations, tel. +358 204 75 4441
Klaus Cawen, Executive Vice President, M&A and Strategic Alliances, Russia and Legal Affairs
Anne Korkiakoski, Executive Vice President, Marketing and Communications