Electronics Production |
KONE to Acquire Elektros Pavara in Lithuania
KONE has signed an agreement to acquire UAB Elektros Pavara ir Ko, a Lithuanian elevator company based in Vilnius.
The acquisition strengthens KONE's position in the Baltic Countries. The ownership of the shares of Elektros Pavara will be transferred to KONE immediately.
"The acquisition of Elektros Pavara completes KONE's market expansion strategy in the Baltic Countries. KONE first entered the Baltic region in 1991 to establish a foothold in markets with attractive growth prospects. As a result of the acquisition, KONE will be the leading elevator company in the Baltic Countries and we can better serve our regional customers", comments Noud Veeger, KONE Area Director for Central and North Europe.
Elektros Pavara has been KONE's distributor in Lithuania since 1992. The company installs, maintains and modernizes elevators and escalators. Elektros Pavara has about 1,350 elevators and escalators in its maintenance base and around 90 employees.
