KONE Grows Canadian Maintenance Business with Acquisition of Davies Elevator Corporation


KONE Inc., Press Release, Dec. 18, 2013

KONE Inc . announced today the acquisition of Davies Elevator Corporation, a leading elevator repair and maintenance company in Toronto. Beginning Dec. 17, operations at the premier elevator company will be brought under the KONE name.

"Strategic acquisitions like Davies Elevator Corporation demonstrate KONE's commitment to long term growth," said Larry Wash, EVP and Area Director for KONE Americas. "This latest acquisition will allow us to expand our maintenance business, while also promoting increased profitability through improved route density."

"Davies Elevator Corporation not only provides us the opportunity to expand our critical maintenance business, but also allows us to grow our talent base through retention of key employees," said Kelly Leitch, Managing Director, KONE Canada. "The ability to leverage the staff's field expertise and customer relationships in Toronto is a huge advantage."

Among those hired, Warren Davies - who owns the company together with wife Julie Fortin - brings 30 years of expertise to his new role with KONE as a supervisor.

KONE's acquisition of Davies Elevator Corporation closed in Toronto on December 17th.

For further information, please contact:
Jeff Eaton, Director, Acquisitions, KONE Inc., tel. +1 925.984.0019 or
Kellie Lindquist, Marketing Manager, KONE Inc., tel. +1 630.955.4202

Previous press releases on KONE acquisitions are available at www.kone.com/press including:
- Nov. 1, 2013 KONE Expands Los Angeles Presence with Acquisition of Elevator Dynamics, Inc.
- Oct. 4, 2013 KONE Expands Presence in Green Bay, Wisconsin with Acquisition of TSR Elevator Company
- July 2, 2013 KONE buys Empire Elevator, further strengthening position in San Francisco

About KONE

KONE is one of the global leaders in the elevator and escalator industry. 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 industry-leading elevators, escalators, automatic building doors and integrated solutions to enhance the People Flow in and between buildings. KONE's services cover the entire lifetime of a building, from the design phase to maintenance, repairs and modernization solutions. In 2014, KONE had annual net sales of EUR 7,3 billion, and at the end of the year over 47,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd. in Finland.

For more information, see www.kone.us