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Toshiba Elevators and Finnish KONE invest in each other
Toshiba Elevators sends one Director to KONE’s Board, and KONE sends two Directors to Toshiba Elevator’s Board
On December 20, 2001, Toshiba Elevator and KONE announced, that in March 2002,:
- TELC will issue new shares and increase its capital, and KONE will acquire a 20% holding of the new capitalization
- TELC will acquire 5% of KONE’s shares
- TELC will nominate one Director to the Board of Directors of KONE
- KONE will nominate two Directors to the Board of Directors of TELC
Toshiba Elevator and Building Systems Corporation (TELC)
Toshiba Elevator and Building Systems Corporation (TELC) is a subsidiary of Japan’s Toshiba Corporation, established on February 16, 1967, the first escalator was installed in 1966, and the first elevator in 1967.
Toshiba Elevators produces advanced elevators, such as double decker elevators.
TELC has sales of approx. YEN 120 billion (US$ 1.2 billion) per year, and employs about 4700 people.
KONE was founded in 1910. KONE’s annual sales are on the order of EURO 7 billion, and KONE employs about 47,000 people. KONE’s shares are listed on NASDAQ OMX Helsinki Exchange.
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