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Company News, 2015-08-26, 11:01 AM

ThyssenKrupp Elevator raises its stakes in Chinese joint-venture

ThyssenKrupp Elevator increased its share in the joint-venture previously known as Marohn Elevator Co., Ltd. from 25% (since March 2011) to 51% effective August 11, 2015. ThyssenKrupp holding the majority, the joint-venture will be renamed Marohn ThyssenKrupp Elevator Co., Ltd.

The joint-venture Marohn ThyssenKrupp Elevator Co., Ltd. will continue to design, produce, sell, install and service elevators. As one-stop provider the company also serves the demand for commercial escalators in China. Peter Walker, CEO of the Business Unit Asia Pacific of ThyssenKrupp Elevator, said “ThyssenKrupp is very committed to China, the largest elevator and escalator market in the world. With the increased stake in Marohn and its local expertise and network, we are very confident that ThyssenKrupp will build on the success and further strengthen its market position in China.”

“We are very happy that ThyssenKrupp Elevator has enhanced its trust in the capabilities of Marohn through its latest investment in the joint-venture. Marohn has built a strong customer network and brand profile in China over the last years and will further work on increasing customer loyalty through our innovative solutions and whole-hearted service.” Yaning Lu, CEO of Marohn ThyssenKrupp Elevator Co., Ltd. added.

Marohn has achieved RMB630 million (Euro 85.2 million) sales revenue in FY2013/14. It is headquartered in Shanghai, with more than 200 employees. A new manufacturing facility will be in operation early 2016 in Lingang, Shanghai, for producing both elevators and escalators.

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