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| Kone to increase its ownership stake in Giant Kone to 80% Finnish lift and escalator maker Kone has agreed to acquire a further 40% stake in its Chinese joint venture Giant Kone Elevators Co., Ltd. from Zhejiang Giant Holdings Co., Ltd. Following this transaction Kone will increase its shareholding in Giant Kone from 40% to 80%. Through this acquisition Kone further strengthens its position and becomes one of the three leading elevator and escalator companies in the Chinese market. The completion of the transaction is subject to approval by relevant Chinese authorities. The purchase price for the 40% stake is RMB 950 million (approximately EUR 99 million) and will be paid in full on the completion of the transaction. The transaction is expected to be completed during the third quarter of 2011. China is the largest single market for new elevators and escalators in the world. In 2010, more than a half of the world's new elevators and escalators were sold in China. Giant Kone has grown rapidly to become one of the largest national elevator and escalator companies present in both the new equipment and service market in China. Giant Kone employs approximately 1,800 people in over 40 locations around the country and is headquartered in Nanxun, Huzhou City, Zhejiang Province. Nanxun is located approximately 120 km from Shanghai. write your comments about the article :: © 2011 Construction News :: home page |