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Company News, 2005-01-18, 01:00 AM

ThyssenKrupp Elevator strengthens market position in India

Acquisition of Kare Elevator & Engineering Co. Pvt. Ltd. in Mumbai

At the beginning of the year ThyssenKrupp Elevator India Pvt. Ltd. acquired the business of Kare Elevator & Engineering Co. Pvt. Ltd. (Kare). Kare is a well known independent elevator company with around 250 employees in Mumbai. Its business includes new installations of its own product line, modernization and maintenance of elevators. The company enjoys excellent business relationships with major customers. They will benefit from the technological strength and global network of ThyssenKrupp Elevator. The former owners of Kare will continue in key positions within ThyssenKrupp Elevator India and will help to expand the existing elevator business in Mumbai. This acquisition gives ThyssenKrupp Elevator a substantial market position in India.

ThyssenKrupp Elevator entered the Indian market in October 2002. The company currently has more than 80 area centers and service points at strategic locations with five regional offices in New Delhi, Calcutta, Bangalore, Pune and Mumbai. Major reference projects in India are: Cochin International Airport, Atlantis Multiplex in Allahabad, T3 Mall in Agra, Raj Multiplex in Surat and the Star Mall in Bangalore.

"TWIN", the most innovative and unique product ever introduced in the global market will be actively marketed in India with the major thrust in Mumbai. It is a high-tech elevator system with two cars arranged one above the other but traveling independent of each other in the same shaft. This translates into advantages including higher lift capacities or less construction volume. The TWIN elevator system has won several awards.

ThyssenKrupp Elevator is the third-largest elevator company in the world and has a presence in more than 60 countries at over 800 locations. With over 31,000 employees, the company achieved sales of around 3.6 billion euros in the fiscal year to September 30, 2004. Capabilities include passenger and freight elevators, escalators and moving walks, stair and platform lifts, passenger boarding bridges as well as high-quality service for the entire product range.

Contact:

Dr. Rembert Horstmann
ThyssenKrupp Elevator AG
Communication & Marketing
Tel.: +49 211 8 24-3 84 14
Fax: +49 211 8 24-3 68 39
E-mail: rembert.horstmann@thyssenkrupp.com

Horst Linde
ThyssenKrupp Elevator India Pvt. Ltd.
Managing Director
Tel.: +91 11 51 77 02 01
Fax: +91 11 51 77 03 01
E-mail: linde@elevator-in-thyssenkrupp.com

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