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KONE Oyj operates globally through its various subsidiaries, specializing in the vertical transportation and access solutions industry. The company manufactures and supplies a comprehensive range of lifts, escalators, and automated building doors. Beyond equipment provision, KONE extends its services to include vital maintenance programs, innovative modernization initiatives, and specialized residential offerings. A significant part of its business focuses on smart building technology. KONE's advanced digital portfolio features KONE Office Flow, a connected platform enabling personalized…
The elevator and escalator maker backed full-year guidance despite booking hefty costs related to its planned acquisition of rival TK Elevator, as well as restructuring measures.
Lift maker Schindler sees opportunities to win customers, recruit staff and potentially acquire assets as rivals Kone and TK Elevator seek regulatory approval for their planned merger, Chief Executive Paolo Compagna told Reuters on Tuesday.
Finnish elevator maker Kone said on Wednesday its shareholders have approved the company's planned $34 billion acquisition of German rival TK Elevator (TKE), which is set to create the world's largest lift making group.
Kone remains a buy as Q1 2026 results show broad-based growth, margin expansion, and reduced reliance on new equipment and China. Service and modernization now comprise over 65% of KNYJF sales, supporting resilience despite ongoing Chinese new equipment margin pressures. The TKE deal is a potential game changer, expanding KNYJF's US presence, densifying the service network, and boosting the installed base for modernization.
Brussels' antitrust rules have already once helped derail an attempt to create the world's top lift maker, but Kone's proposed new tie-up with TK Elevator shows the Finnish group is banking on a change in Europe's approach to forging regional champions.