KONE acquires a majority stake in Spanish elevator company Citylift

Press Release Published 09.29.2016

KONE Corporation, press release, September 29, 2016

KONE, a global leader in the elevator and escalator industry, has acquired a majority stake in Citylift, S.A., a Spanish elevator company providing installation, maintenance and modernization services. The acquisition will strengthen KONE's position in the Spanish elevator market.

"With Citylift's strong customer relationships and high quality services, KONE will gain a stronger position in the challenging residential market in Spain. We welcome Citylift to our company, and we are looking forward to working together, to offer the best people flow experience for both our customers and end users," says Pierre Liautaud, KONE Executive Vice President and Area Director for South Europe, Middle East and Africa.

Citylift currently has over 5,000 elevators in service and employs 111 people in 25 locations across Spain. Citylift will remain as a separate brand from KONE.

Previous KONE press releases are available at www.kone.com/press:
September 1, 2016: KONE acquires American City Elevator Company
August 25, 2016: KONE to acquire the remaining 20% stake in its Chinese subsidiary GiantKONE from Giant Holdings
March 1, 2016: KONE strengthens its maintenance business in Finland by acquiring thyssenkrupp Hissit Oy

For further information, please contact:
Liisa Kivelä, Director, Communications, KONE Corporation, tel. +358 204 75 4330, media@kone.com

About KONE
At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. 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 Helsinki Ltd. in Finland.

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