CHICAGO, August 1 /PRNewswire-FirstCall/ -- KONE acquired the International Elevator Company (IEC), a full service elevator company based in New Jersey, USA. The acquisition significantly increases KONE's maintenance base in northern New Jersey. "This acquisition provides us with an excellent opportunity to increase our customer base in a major market where KONE already has a good presence," says Vance Tang, KONE EVP and Area Director for the Americas. "International Elevator Corporation also allows us to establish a physical presence in Northern New Jersey that we previously managed from our New York operations. IEC has successfully grown by providing outstanding service to their customers which is perfectly aligned with our focus at KONE. We believe that IEC's great team and customers will benefit tremendously from KONE's industry-leading solutions." IEC excels in elevator installation, maintenance, modernizations, and repairs. The company has about 1,100 elevators in its maintenance base and employs over 60 people. KONE's existing operations will be merged into IEC's premises in New Jersey. "KONE welcomes the opportunity to continue offering outstanding service to IEC's customers. We also offer a warm welcome to the new team members of IEC joining KONE through this acquisition," Vance concludes. About KONE KONE's objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings in an increasingly urbanizing environment. KONE provides its customers with industry-leading elevators, escalators and innovative solutions for modernization and maintenance, and is one of the global leaders in its industry. In 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland. http://www.kone.com/ DATASOURCE: KONE Corporation CONTACT: For further information, please contact: Minna Mars, SVP, Corporate Communications & IR, tel. +358-204-75-4501

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