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KONE Acquires Detroit Elevator Company

Press Release Published 06/01/2021

Acquisition expands KONE’s operations in both Detroit and Grand Rapids, Michigan

Detroit, Michigan June 1, 2021 – KONE, a global leader in the elevator and escalator industry, today announced it has acquired the service and repair business of Detroit Elevator Company in Ferndale, Michigan, including its operations throughout the greater Detroit metropolitan area and stretching north and west to Flint and Grand Rapids.

Detroit Elevator Company was founded in 1914 and has built a strong reputation performing high quality service, new installation, modernization and repair work. This acquisition strengthens KONE’s local operations and brings additional talent and experience to KONE’s Detroit and Grand Rapids teams.

“KONE welcomes the Detroit Elevator employees and looks forward to continuing to deliver outstanding service for our customers,” said Ken Schmid, executive vice president for KONE Americas. “The acquisition of Detroit Elevator both strengthens our market position and increases our ability to offer innovative smart building solutions and industry 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 2020, KONE had annual sales of EUR 9.9 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland. www.kone.com For more information, see www.kone.us


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Media Contact:

Kevin Metz

Kevin.Metz@kone.com

312-507-9690

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