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    KNEBV   FI0009013403

KONE OYJ

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KONE wins modernization order for San Francisco's iconic Russ Building

10/27/2021 | 11:25am EDT

KONE, a global leader in the elevator and escalator industry, has won an order for the modernization of all elevators and the installation of KONE Office Flow solutions in San Francisco's historic Russ Building. With this announcement the Russ Building becomes the largest elevator modernization project in KONE Americas history. Scheduled for completion in 2025, the project includes California's first installations of KONE Office Flow.

Considered to be a San Francisco landmark, the building is located in the heart of San Francisco's Financial District. The 32-story building contains a mix of 16 low-, mid- and high-rise elevators.

"Through a strong long-term relationship, KONE has gained a unique understanding of this building's complexities, including the aesthetics of its historic lobby," says Ken Schmid, executive vice president, KONE Americas. "We are thrilled to have been able to play a key role in early project design supported by innovative KONE technology."

KONE solutions include 16 passenger elevators. All will be equipped with KONE Office Flow including a modular, connected solution that provides touch-free access with predictive elevator call, and KONE Destination, improving elevator convenience and efficiency.

The Russ Building is a Shorenstein Property.

KONE booked the order in the first quarter of 2021.

For further information, please contact:

Hanna Rutanen, Head of Communications, KONE Corporation, tel. +358 41 507 1361, media@kone.com

Read more :

Previous press releases are available at https://www.kone.com/en/news-and-insights/releases/ including:

September 17, 2020: KONE wins order for Logan International Airport in Boston

March 4, 2020: KONE wins order for Harrah's Cherokee Casino Resort in Cherokee, North Carolina

February 13, 2019: KONE to equip Vancouver office tower with energy-efficient elevators

January 18, 2019: KONE wins modernization order for Mexico City's iconic Arcos Bosques Torre I

About KONE

At KONE, our mission is to improve the flow of urban life. As a global leader in the elevator and escalator industry, KONE provides elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle. Through more effective People Flow®, we make people's journeys safe, convenient and reliable, in taller, smarter buildings. In 2020, KONE had annual sales of EUR 9.9 billion, and at the end of the year over 60,000 employees. KONE class B shares are listed on the Nasdaq Helsinki Ltd. in Finland. B shares are listed on the Nasdaq Helsinki Ltd. in Finland.

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials
Sales 2022 11 215 M 11 976 M 11 976 M
Net income 2022 935 M 999 M 999 M
Net cash 2022 2 218 M 2 368 M 2 368 M
P/E ratio 2022 25,5x
Yield 2022 3,91%
Capitalization 24 090 M 25 724 M 25 724 M
EV / Sales 2022 1,95x
EV / Sales 2023 1,87x
Nbr of Employees 62 951
Free-Float 59,6%
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Number of Analysts 23
Last Close Price 46,49 €
Average target price 54,19 €
Spread / Average Target 16,6%
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Henrik Georg Fredrik Ehrnrooth President & Chief Executive Officer
Ilkka Hara Chief Financial Officer
Antti Juhani Herlin Chief Executive Officer & Deputy Chairman
Maciej Kranz Chief Technology Officer & Executive VP
Matti Juhani Alahuhta Director
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