OREANDA-NEWS KONE Corporation has decided to transfer its Russian division (JSC "KONE Lifts") to its top managers and terminate KONE's activities in Russia, the company reports.

"The structure and cost of the deal are not disclosed, it is expected to be closed in the fourth quarter of 2022 after the necessary approval by the Russian regulatory authorities. The owners of the new company will be the top managers of KONE Lifts JSC General Director Alexei Samkovich, Financial Director Veronika Merkulova and Head of Legal Department of Elena Epp", the company said in a statement.

The agreement between KONE Corporation and the future owners was signed on June 28, 2022.

It is emphasized that the company will carry out all necessary activities within the framework of maintenance of the elevators and escalators operated in Russia. It will also continue to fulfill its obligations for equipment warranty service. In addition, the company will complete all projects under execution - the work will be completed and the equipment will be handed over to customers.

After the transaction is finished, the corporation and the KONE brand will leave the Russian market. The company will begin to operate independently and under a different name.

There are no plans to resume import of KONE lifts and escalators to Russia. However, in order to meet the demand for electric lifting equipment, the company will be able to further explore the possibility of supplying products from other manufacturers.