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KONE acquires Ohio-based Ross Elevator Inc.

Aug. 10, 2021
New acquisition expands KONE's operations in both Cleveland and Akron, Ohio.

On Aug. 5, KONE, a global leader in the elevator and escalator industry, announced it has acquired the service and repair business of Ross Elevator Inc. of Eastlake, Ohio, including the firm's operations throughout the greater Cleveland metropolitan area and stretching south to Akron.

"KONE welcomes the Ross Elevator employees and looks forward to continuing to deliver outstanding service for our customers," said Ken Schmid, executive vice president for KONE Americas. "The acquisition of Ross Elevator both strengthens our market position and increases our ability to offer innovative smart building solutions and industry expertise to an even larger customer base."

KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. "Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings," adds a company statement.

In 2020, KONE had annual sales of EUR 9.9 billion, and at the end of the year over 60,000 employees.

Ross Elevator was founded in 1969 and has built a strong reputation performing high quality service, modernization and repair work. "Their rich history will bring us highly qualified industry professionals and be a welcome addition to our local operations. This acquisition strengthens KONE's local operations and brings additional talent and experience to KONE's Cleveland team," concluded KONE's statement.

KONE class B shares are listed on the NASDAQ Helsinki Ltd. in Finland. For more information, visit www.kone.com and www.kone.us.

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