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Finnish elevator manufacturer Kone will transfer the Russian division to local management

Following the closing of the deal, the business will operate independently under a different brand

MOSCOW, June 28. /TASS/. Finnish elevator manufacturer Kone decided to cease operations in Russia and transfer its Russian division to local management, the company’s press service reported on Tuesday.

"KONE Corporation, a global leader in the elevator and escalator industry, will divest its business in Russia to local management. The plans for local ownership and operations will provide a more sustainable long-term solution for employees and customers. The share purchase agreement with local management is subject to approval by the relevant regulatory authorities in Russia and is expected to close during the fourth quarter of 2022. The value of the planned transaction is not disclosed," the company said.

According to the statement, "Following the closing of the deal, the business will operate independently under a different brand. As part of the proposals, Kone has agreed to deliver spare parts to Russia for a transition period of up to three months after the closing".

In turn, General Director of the Russian division Aleksey Samkovich noted that the change of owners of the company will not impact current customers. They will not need to renegotiate existing maintenance contracts.

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