KONE Corporation stated on Tuesday that it has decided to transfer its Russian division JSC Kone Lifts to its highest managers and effectively cease all activities in the country.
"The structure and cost of the transaction were not disclosed, it is expected that it will 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's statement read.
KONE also emphasized that the owner change will not affect current customers and that the maintenance of elevators in Russia will be continued according to agreed-upon contractual obligations.
