“The acquisition of Thai Lift is consistent with KONE’s strategy for growth in Asia,” explains Klaus Cawén, Executive Vice President, M&A and Strategic Alliances. “It gives us a firm position as the market leader in the growing Thai market and lays the groundwork for additional growth opportunities in Southeast Asia.”
Thai Lift is a leading elevator company in the Thai market. KONE’s elevator and escalator products comprise the major portion of Thai Lift’s offerings. The company sells more than 400 elevators annually and has a service portfolio of over 2,500 units under maintenance contract. Thai Lift recorded net sales of approximately EUR 9.2 million in 2004 and has 560 employees.
Following a successful outcome of its public offer, KONE intends to change the company name to KONE Thailift Industries Plc and begin preparation for delisting the company.
