KONE Corporation, pressrelease, January 13, 2014
KONE Corporation ("KONE") has acquired a further10% stake in its Saudi Arabian joint venture company KONE AreecoLtd. ("KONE Areeco") from its joint venture partner UnitedIndustrial & Trading Company Ltd. After the transaction, KONEholds 50% of the shares in KONE Areeco. KONE has agreed with itsjoint venture partner that KONE gains formal control in KONEAreeco, and beginning on December 31, 2013 KONE Areeco will beconsolidated as a subsidiary in KONE's financial reporting.
Through this transaction KONE further strengthensits position in the important Saudi Arabian elevator and escalatormarket. KONE Areeco has a leading position and employs morethan 700 people. KONE has held a 40% stake in KONE Areeco since2007.
KONE Areeco has several flagship projects in SaudiArabia, such as the successfully completed Makkah Royal Clock Tower Hotel in Mecca, aswell as ongoing projects such as the King Abdullah FinancialDistrict in Riyadh, and the King Abdulaziz International Airportand the Headquarters Business Park in Jeddah.
For further information,please contact:
Anne Korkiakoski, EVP, Marketing & Communications, KONECorporation, tel. +358 204 75 4775, anne.korkiakoski@kone.com
About KONE
KONE is one of the global leaders in the elevator and escalatorindustry. The company has been committed to understanding the needsof its customers for the past century, providing industry-leadingelevators, escalators and automatic building doors as well asinnovative solutions for modernization and maintenance. Thecompany's objective is to offer the best People Flow® experience bydeveloping and delivering solutions that enable people to movesmoothly, safely, comfortably and without waiting in buildings inan increasingly urbanizing environment. In 2012, KONE had annualnet sales of EUR 6.3 billion and around 40,000 employees. KONEclass B shares are listed on the NASDAQ OMX Helsinki Ltd inFinland.