KONE grows service business through strategic acquisition in Los
Angeles
KONE Corporation, press release, June 2, 2009
KONE acquired Excel Elevator Inc, an independent elevator service
company based in Los Angeles, USA. In addition its significant
maintenance base, Excel has a great reputation in the Southern
California market for its quality work in modernizing vertical
transportation systems. Excel Elevator is privately owned and
operated, has 26 employees and is focused on elevator maintenance,
modernizations and repairs. Excel and KONE will be combining their
elevator operations under the KONE name over the coming months.
"We are pleased to combine our operations with a company that has
achieved so much, and has developed such strong capabilities in the
modernization business," says Vance Tang, KONE EVP and Area Director
for the Americas. "We expect to strengthen our modernization business
by leveraging best practices developed by Excel and are excited to
grow our service business in the second largest metropolitan area in
the United States."
"KONE welcomes the opportunity to continue offering outstanding
service to Excel Elevator's customers. We also offer a warm welcome
to the new team members from Excel Elevator joining KONE through this
acquisition," Vance concludes.
About KONE
KONE'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. KONE provides its customers with
industry-leading elevators, escalators and innovative solutions for
modernization and maintenance, and is one of the global leaders in
its industry. In 2008, KONE had annual net sales of EUR 4.6 billion
and over 34,800 employees. KONE class B shares are listed on the
NASDAQ OMX Helsinki Ltd in Finland.
www.kone.com
For further information, please contact:
Anne Korkiakoski, Executive Vice President, Marketing &
Communications, tel. +358 (0)50 674 11
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
