President and CEO of Kone; designated leader of the combined Kone-TKE group
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Will lead the merged entity post-closing; spearheading regulatory approval process
Finland's Kone has agreed to buy Germany's TK Elevator for €29.4 billion, a deal that would collapse the elevator industry's long-standing 'Big Four' into three players. The combined company would maintain roughly 3.2 million elevators and escalators worldwide and generate about €20.5 billion in annual revenue, with roughly 65% coming from service and modernization contracts—the stable, recurring-fee side of the business that drives margins and makes this portfolio the strategic prize.
Updated Apr 30
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