Elevator manufacturer KONE leaves Russia

Finnish manufacturer KONE Corporation, a leader in the elevator and escalator industry, has decided to leave Russia by selling its business to local companies.

Approval of the acquisition by local companies would be subject to approval by Russian regulators, the press release on the corporation's website noted.

The deal is expected to close by the fourth quarter of 2022. The amount of the deal was not specified in the message.

The organization added that after the sale, the business will start operating under a different brand. At the same time, KONE will supply spare parts in Russia for three months as a transitional period after the business exits.