We advised KONE Corporation, a global leader in the elevator and escalator industry, in its negotiations on the divestment of 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. Following the closing of the deal, the business will operate independently under a different brand.
Russia accounts for less than 1% of KONE’s global sales and the company currently employs approximately 650 people in Russia, serving approximately 1500 customers. In 2021, KONE had annual sales of EUR 10.5 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd.