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Kone will seek to profit from changes at rival Thyssenkrupp - CEO

Published 25/02/2020, 11:04
Updated 25/02/2020, 11:09
© Reuters.  Kone will seek to profit from changes at rival Thyssenkrupp - CEO

HELSINKI (Reuters) - Finnish liftmaker Kone (HE:KNEBV) will seek to profit from planned ownership changes at its German rival Thyssenkrupp's elevator unit, Kone chief executive Henrik Ehrnrooth told the company's annual general meeting on Tuesday.

"This is our clear goal, to see how Kone can profit from this (situation)," Ehrnrooth said, referring to possible turbulence caused by the ownership change at its German rival over the next few years.

Last week, Thyssenkrupp (DE:TKAG) decided to drop Kone from the bidding process for its elevator business, opting to prioritise talks with two groups of financial investors.

Ehrnrooth also said Kone had "closed books" for Thyssenkrupp's elevators now and had no plans to look at a possible deal later.

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