Business & Economy

KONE acquires ThyssenKrupp Elevators Hellas

13 February, 2014

KONE SA (Hellas), one of the leading companies in the elevator and escalator industry, has acquired all the shares of ThyssenKrupp Elevators Hellas S.A., an elevator service company based in Athens, further enhancing its position in the Greek market.
The acquisition complements KONE’s existing elevator maintenance and modernisation business.
"Contrary to the general trend, KONE believes in Greece’s development and hence decisively further strengthens its position in the market of elevators. Thanks to the acquisition of ThyssenKrupp Elevators Hellas, we have become a strong player dedicated to the Greek market, and serving the people’s right to a smooth, safe, comfortable flow in and between buildings every day," said Stelios Anastasiadis, Managing Director for KONE in Greece and Cyprus.
ThyssenKrupp Elevators Hellas S.A. and KONE Hellas will be combining their operations under the KONE brand name during the next few months.
KONE entered Greece in 2004. Today it has more than 50 employees serving customers around the Athens region. ThyssenKrupp Elevators Hellas has operated in Greece since 2002 and its employees have entered the KONE family as of November 26, 2013.
KONE's objective is to deliver 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 urbanising environment.
According to UN Population Division research data, urbanisation is considered to be the single most important global megatrend for the elevator and escalator industry and will drive demand in the years to come.
In Greece, 61% of the population lives in urban areas and urban annual growth is estimated at a steady 0.6% rate for the upcoming decade.