Company News, 2014-12-08, 10:00 AM
ThyssenKrupp Elevator remains on growth track: UK acquisition strengthens the company’s global service network
In response to cities flourishing at an unstoppable pace – a 2.5 billion increase is expected in urban populations by 2050 – ThyssenKrupp, who has just introduced the new rope-less elevator MULTI, set to revolutionise the elevator industry, is expanding its network of mobility products and services. The company’s acquisition of UK-based Lift & Engineering Services is another step in strengthening its global reach.
ThyssenKrupp Elevator is further expanding its modernisation and service business: As part of its growth strategy, the company has now acquired Lift & Engineering Services Ltd. (“LES”; Cradley Heath, Midlands), based in the UK. Established over 30 years ago, LES specialises in the design and manufacture of all types of lift equipment and drive systems to meet site conditions or customer specifications. LES also provides comprehensive maintenance, repair, and emergency response services for any make of lift, escalator, or hoisting equipment, and has a specialist team of engineers dealing with mobility access equipment. The purchase price was not disclosed
“Meeting the demands posed by mass urbanisation is an important objective for ThyssenKrupp - by 2016, the global demand for elevator equipment and services is projected to rise over 5% annually.”, said Andreas Schierenbeck, CEO of ThyssenKrupp Elevator AG. “As LES enjoys an excellent reputation and strong local presence, in particular in the Midlands region and London, it is an ideal fit with our market plans for the region.”
“As a family-owned company, we need to think about succession planning”, said Dave Haywood, Managing Director of LES. “Securing the long-term competitiveness of LES’ elevator operations was a key factor in our decision to sell to ThyssenKrupp Elevator”. Wayne Haywood, Managing Director and brother of Dave, added, “As one of the world’s leading elevator companies, ThyssenKrupp Elevator offers ideal conditions for us to maintain and grow our business”.
As part of ThyssenKrupp’s strategic way forward and systematic expansion of its technology business, ThyssenKrupp Elevator has been acquiring established small and medium-size lift companies in the UK and other countries for several years. Schierenbeck commented on this, saying, “A broad network is a necessity to support our service portfolio. As we continue with organic growth, the acquisition of these companies is also key”.
For ThyssenKrupp Elevator, the addition of LES to its service business opens up further opportunities for improved efficiency and profitable growth. The takeover of LES’ elevator business is its most significant acquisition in the UK since Hammond & Champness in 1999.