KONE Acquires Eltec Elevator Ltd.

VANCOUVER, British Columbia, Dec. 3, 2018 /PRNewswire/ -- KONE, a global leader in the elevator and escalator industry, today announced it has acquired the service and repair business of Eltec Elevator Ltd. in Vancouver, British Columbia, including its operations throughout the greater Vancouver metropolitan area.

Eltec Elevator was founded in 1982 and has built a strong reputation performing high quality service, modernization and repair work. This acquisition strengthens KONE's local operation and brings additional talent and experience to KONE's Vancouver team.

"KONE welcomes the Eltec Elevator employees and looks forward to continuing to deliver outstanding service for our customers," said Larry Wash, executive vice president for KONE Americas. "The acquisition of Eltec Elevator both strengthens our market position and increases our ability to offer innovative smart building solutions and KONE People Flow® expertise to an even larger customer base."

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 2017, KONE had annual net sales of EUR 8.9 billion, and at the end of the year over 55,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

For more information, see www.kone.us

SOURCE KONE

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