Kone: agreement to sell Russian operations

(CercleFinance.com) - Kone announces that its Russian operations will be sold to local management, providing a more sustainable long-term solution for employees and customers.


The transaction remains subject to regulatory approval in Russia and is expected to close in Q4 2022. The value of the expected transaction is not disclosed.

Following the closing of the agreement, the business will therefore operate independently under a different brand.

The Finnish lift and escalator specialist had announced earlier this year a "significant" reduction in its Russian operations, which only account for less than 1% of its global sales, it should be noted: Kone used to employ 650 people, with 1,500 customers in Russia.



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