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KONE Acquires Suburban Elevator Company in Las Vegas

Press Release Published 04/01/2016

Asset Acquisition Strengthens KONE’s presence and offering in the Las Vegas Metropolitan Market

Las Vegas, NV. April 1, 2016 - KONE, a global leader in the elevator and escalator industry, today announced it has acquired the service and repair business of Suburban Elevator Company, in Las Vegas, NV. Suburban operates throughout the greater Las Vegas metropolitan area.

The acquisition adds depth and talent to KONE's service and repair business in the Las Vegas area.

"The Las Vegas metropolitan area represents a key market for KONE and we are excited to welcome the Suburban Elevator Company employees and customers," said Larry Wash, executive vice president for KONE Americas. "The acquisition of Suburban both strengthens our market position and helps us accomplish our larger goal of offering the most innovative People Flow® services and solutions for our customers."

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 2015, KONE had annual net sales of EUR 8,6 billion, and at the end of the year close to 50,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd. in Finland.

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