Kone set to strengthen position in chinese market
KONE’s CEO Matti Alahuhta.
Global elevator and escalator giant KONE is set to strengthen its position in the Chinese market by acquiring an additional 40 percent stake in its Chinese joint venture Giant KONE Elevators Co., Ltd. (Giant KONE) from Zhejiang Giant Holdings Co., Ltd. The acquisition will raise KONE’s stake in Giant KONE to 80 percent, making it the company’s majority shareholder.
The purchase price for the 40% stake is 950 million RMB ($ 150.86 million) which will be paid in full on completion of the transaction.
KONE’s CEO Matti Alahuhta is confident about the company’s future in China. He said: “China is a very important market and the acquisition, following which KONE has become the majority shareholder of Giant KONE, will further strengthen KONE’s position as one of the leading companies in its industry in China.”
Giant KONE was established in 2005. The joint venture company is invested by KONE Corporation and Zhejiang Giant Holdings Co., Ltd.
Tags: China