KONE Enters New Market Through Portland, Maine Acquisition

LISLE, Ill., Nov. 2 /PRNewswire/ -- KONE has acquired Northeast Elevator Services, an independent elevator service company based in Portland, Maine. This acquisition enables KONE to establish its presence into a new market. Northeast Elevator Services has built a reputation for delivering quality in all aspects of their service business including maintenance, repair and modernization. Their strong team has steadily grown its service base during the past 5 years.

Northeast Elevator Services and KONE will combine their elevator operations under the KONE name in the coming months. "We are excited to be entering a new market with a proven strong partner," says Vance Tang, KONE EVP and Area Director for the Americas. "We are also confident that we can deliver new and better environmentally friendly solutions for customers throughout Maine."

"KONE welcomes the opportunity to continue to offer outstanding service and solutions to Northeast Elevator Services' customers. I am pleased to extend a warm welcome to the new team members joining KONE through this acquisition. Together we will be stronger," Vance concludes.

About KONE

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 its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2008, KONE had annual net sales of EUR 4.6 billion and over 34,800 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.

www.kone.com