January 13, 2014
KONE Corporation, press release, January 13, 2014
KONE Corporation ("KONE") has acquired a further 10% stake in its Saudi Arabian joint venture company KONE Areeco Ltd. ("KONE Areeco") from its joint venture partner United Industrial & Trading Company Ltd. After the transaction, KONE holds 50% of the shares in KONE Areeco. KONE has agreed with its joint venture partner that KONE gains formal control in KONE Areeco, and beginning on December 31, 2013 KONE Areeco will be consolidated as a subsidiary in KONE's financial reporting.
Through this transaction KONE further strengthens its position in the important Saudi Arabian elevator and escalator market. KONE Areeco has a leading position and employs more than 700 people. KONE has held a 40% stake in KONE Areeco since 2007.
KONE Areeco has several flagship projects in Saudi Arabia, such as the successfully completed Makkah Royal Clock Tower Hotel in Mecca, as well as ongoing projects such as the King Abdullah Financial District in Riyadh, and the King Abdulaziz International Airport and the Headquarters Business Park in Jeddah.
For further information, please contact:
Anne Korkiakoski, EVP, Marketing & Communications, KONE Corporation, tel. +358 204 75 4775, email@example.com
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company'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. In 2012, KONE had annual net sales of EUR 6.3 billion and around 40,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.