KONE on Tuesday announced it has completed the sale of its operations in Russia to S8 Capital, a holding company headquartered in Moscow.
The Finnish lift and escalator manufacturer stated that, with the transaction – the value of which was not disclosed – receiving the approval of the relevant authorities, it has completely divested from Russia.
Russia accounted for less than one per cent of its global sales and 300 of its global headcount of almost 62,000 at the time of the transaction.
Kone in March 2022 announced its decision to suspend deliveries to and the intake of new orders in Russia over the Russian invasion of Ukraine. In June 2022, it announced its plan to divest its business and operations in the country, adding that it expected the divestment to receive the requisite approvals by the end of the year.
The company will publish its interim report for the period between January and September on Wednesday, 25 October.
Aleksi Teivainen – HT