Kone

Kone. Kone Oyj is a Finnish multinational engineering and service company renowned as one of the world's leading manufacturers of elevators, escalators, and automatic building doors. Founded in the early 20th century, the company has grown from a local Helsinki-based enterprise into a global industry giant, operating in over 60 countries. Its comprehensive portfolio includes innovative passenger and freight elevators, advanced escalator and automatic walkway solutions, and a vast service network for maintenance and modernization.

History

The company was established on October 27, 1910, by Gottfried Strömberg, initially focusing on the repair and maintenance of elevators imported from other European nations. A pivotal early contract was securing the maintenance for the elevators at the iconic Stockmann department store in Helsinki. Following World War II, under the leadership of Pekka Herlin, the grandson of the founder, Kone began a significant phase of international expansion and strategic transformation, shifting from a trading house to a focused manufacturer. Major milestones included the acquisition of Sweden's Asea-Graham in 1974, the purchase of the Westinghouse Electric Corporation's elevator division in 1994, and a landmark joint venture with Toshiba in 1998 to form Toshiba Elevator and Building Systems Corporation. In the 21st century, Kone further solidified its global position through strategic moves like the acquisition of Partek in 2002 and the monumental purchase of the Morgardshammar-owned elevator business of ThyssenKrupp for €17 billion in 2020, a deal that was later blocked by the European Commission on competition grounds.

Products and services

Kone's core offerings encompass a wide range of vertical and horizontal transportation solutions for both new installations and existing buildings. Its product lines include highly efficient passenger elevators, robust freight elevators, and the innovative Kone MonoSpace machine-room-less elevator system. For pedestrian flow, the company manufactures and installs escalators, automatic walkways, and a suite of automatic door systems for various building applications. Beyond equipment sales, Kone provides extensive lifecycle services, which form a substantial part of its business; these include 24/7 maintenance and repair, comprehensive modernization and upgrade packages for older equipment, and advanced digital connectivity solutions under platforms like the Kone 24/7 Connected Services.

Corporate structure and operations

Headquartered in Espoo, Finland, Kone operates as a publicly traded company listed on the NASDAQ Helsinki under the ticker symbol KNEBV. The company is organized into two primary business segments: New Equipment and Services, with the latter contributing a steadily increasing share of total revenue. Its operational footprint is truly global, with a presence across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, supported by major manufacturing units in Finland, China, Italy, and the Czech Republic. Key leadership has included figures like former longtime President & CEO Mattii Alahuhta and current Chairman Henrik Ehrnrooth, with the strategic direction significantly influenced by the founding Herlin family through their investment vehicle Antti Herlin.

Research and development

Innovation is central to Kone's strategy, with significant investment channeled into research and development activities at its global R&D centers located in Espoo, Hyvinkää, and Tianjin. The company focuses on developing technologies that enhance energy efficiency, user experience, and digital integration. Notable breakthroughs include the UltraRope hoisting technology, a carbon-fiber solution that enables record-breaking elevator travel heights, and the Kone DX Class elevator system designed for the mid-rise segment. Collaborative partnerships with institutions like the Aalto University and ongoing projects in artificial intelligence for predictive maintenance underscore its commitment to advancing the industry through cutting-edge engineering and Internet of Things connectivity.

Sustainability and safety

Kone integrates ambitious environmental and social goals into its corporate ethos, with a stated aim to achieve carbon-neutral operations by 2030. Its product development prioritizes energy-saving technologies, such as regenerative drives in elevators and escalators that feed power back into the building's grid, and the use of sustainable materials in construction. The company's safety culture is paramount, governed by stringent global protocols and continuous training to ensure the well-being of both its employees and the millions of passengers who use its equipment daily. Kone's commitments are regularly reflected in its high rankings on indices like the Dow Jones Sustainability Index and its adherence to the principles of the United Nations Global Compact.

Category:Companies listed on the Helsinki Stock Exchange Category:Engineering companies of Finland Category:Elevator manufacturers