Kone Oy, a large Finnish elevators and escalators manufacturer, acquired O&K Rolltreppen GmbH, a German escalators manufacturer, from Friedrich Krupp AG. O&K Rolltreppen delivered 1700 escalators last year and had a turnover of around 180 million U.S. dollars.
The deal makes Kone the world's largest manufacturer of escalators with an total market share of 22 per cent. Its two main rivals are the German Schindler and the American Otis, who both have a market share of around 18 per cent. However, around 40 per cent of the world's escalators are produced by small manufacturers, giving possibilities to Schindler or Otis to acquire.
Kone already owned 40 per cent of O&K Rolltreppen prior to this acquisition and will pay approximately 132 million U.S. dollars for the remaining 60 per cent. The deal will be financed through a directed share issue through which Friedrich Krupp AG will get a ten per cent share of Kone.
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