KONE acquires Spanish elevator company TECAS S.A.
KONE acquired TECAS S.A., a Spanish elevator company based in Valencia, Spain. TECAS maintains elevators, sells new equipment and is specialized in elevator installations for existing buildings.
The acquisition strengthens KONE’s position in the third largest metropolitan area in Spain. The acquisition also generates synergies, which enable KONE to improve its maintenance and modernization operations in the region.
TECAS has over 1,100 elevators in its maintenance base. Its operations will be integrated to KONE’s current operations in the Valencia region.
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 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland.
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