KONE acquires Hong Kong based Shan On Engineering Company Limited

KONE Corporation, press release, December 11, 2017

KONE Corporation, a global leader in the elevator and escalator industry, has acquired Shan On Engineering Company Limited in Hong Kong. Founded in 1973, Shan On is specialized in elevator maintenance, modernization and installation services and today has approximately 1,000 elevators in its maintenance base.

Previously, KONE owned 35.3% of the company and has now bought the remaining 64.7% shareholding. With this acquisition, KONE will strengthen its market position in the region.

"We warmly welcome Shan On and its skilled employees to our organization," says William B. Johnson, Executive Vice President for KONE Greater China. "The company has an excellent reputation and a wide client base in Hong Kong, and we are looking forward to continuing the good relationships with the customers."

Previous KONE press releases are available at www.kone.com/press including:
July 6, 2017: KONE acquires Alois Kasper GmbH in Germany
September 29, 2016: KONE acquires a majority stake in Spanish elevator company Citylift
September 1, 2016: KONE acquires American City Elevator Company 

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

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 2016, KONE had annual net sales of EUR 8.8 billion, and at the end of the year over 52,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland.
www.kone.com