kone corporation, stock exchange release, august 25, 2016
kone corporation will acquire the remaining 20% of the shares of giantkone elevator co., ltd. ("giantkone") from zhejiang giant holdings co., ltd. ("giant"). the transaction will be completed at the purchase price of approximately 180 million euros after the approval of the relevant authorities. after the transaction, kone’s shares in giantkone will increase from 80% to 100%.
since december 2011, kone corporation has incorporated giantkone financial into kone’s global financial system. hence this acquisition will not affect kone’s sales performance and operating profit.
in china, kone corporation conducts its business with two independent brands, kone elevator and giantkone elevator. giantkone is an important elevator and escalator company in the chinese market. since 2005, kone corporation has started cooperation with giant holdings in form of joint venture.
for more information, please contact:
katri saarenheimo, director of investor relations tel: 358 204 75 4705
henrik ehrnrooth, president and ceo of kone corporation
klaus cawén, executive vice president of legal affairs, mergers and acquisitions
kone is one of the world leaders in the elevator and escalator industry. the mission of kone is to improve the flow of urban life. in the past more than a century, kone has always been committed to understanding customer needs, providing customers with industry-leading products for elevators, escalators and automatic doors, and providing innovative solutions for renewal, transformation and maintenance. with the deepening of urbanization, kone is committed to creating a smooth, safe, comfortable and best passenger flow experience without waiting through the development and provision of solutions. in 2015, kone’s annual net sales reached 8.6 billion euros. it has business footprint in more than 60 countries and more than 50,000 employees. the company is listed on the nasdaq omx exchange in helsinki, finland as b-stock.