KONE acquires American City Elevator Company

KONE Corporation, press release, September 1, 2016

KONE, a global leader in the elevator and escalator industry, today announced it has acquired the business of City Elevator Company in New York City, the US.

City Elevator has been operating in the greater New York metropolitan area since 2002 and has grown into a respected full service provider in the market. This acquisition adds significant depth and talent to KONE's service, repair, modernization and new installation business in the Greater New York area and the five boroughs of New York City.

"The New York metropolitan area represents a key market for KONE in the US and we are excited to welcome the City Elevator Company employees and customers," said Larry Wash, Executive Vice President for KONE Americas. "The acquisition of City Elevator, a company with a strong reputation and large talented workforce, both strengthens our market position and supports our larger goal of offering the most innovative People Flow solutions to our customers."

For further information, please contact:
Liisa Kivelä, Director, Communications, KONE Corporation, tel. +358 204 75 4330, media@kone.com

Previous press releases are available at www.kone.com/press including:

August 25, 2016: KONE to acquire the remaining 20% stake in its Chinese subsidiary GiantKONE from Giant Holdings
March 1, 2016: KONE strengthens its maintenance business in Finland by acquiring thyssenkrupp Hissit Oy
January 5, 2016: KONE acquires American Capital Elevator Services and strengthens its presence and offerings in the Washington D.C. market

About KONE
At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2015, KONE had annual net sales of EUR 8.6 billion, and at the end of the year close to 50,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.
www.kone.com