ThyssenKrupp Elevator, Düsseldorf, established a new subsidiary ThyssenKrupp Elevator Vietnam Co. Ltd. in Hanoi at the end of September. The move will allow the Elevator group to participate in Vietnam`s economic growth, which is currently over seven percent per year. The construction sector in particular is booming, with growth rates of more than 40 percent a year, leading to increasing imports of elevators.

The establishment of ThyssenKrupp Elevator Vietnam will allow a fast response to regional market needs. The company is headed by 37-year-old Le Binh, who previously worked for eight years for the ThyssenKrupp Group Representative Office in Hanoi. "The development of Vietnam`s elevator market has shown that customers here place special value on high-quality products and services - which are precisely our strengths," explains Le Binh.

By establishing a subsidiary in Vietnam, ThyssenKrupp Elevator is continuing its expansion in the fast-growing Asian region, where it already has production sites and branch offices in China, Hong Kong, India, Korea, Malaysia, Singapore and Thailand. ThyssenKrupp Elevator Vietnam is the first operating company of the ThyssenKrupp Group in Vietnam.

ThyssenKrupp Elevator Vietnam Co. Ltd. is a subsidiary of ThyssenKrupp Elevator AG. 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 30,000 employees, the company achieved sales of around 3.5 billion euros in fiscal year 2001/2002 (ending September 30). 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
Telephone: +49 (0)211 824-38414
Fax: +49 (0)211 824-36839
E-mail: Horstmann@elevator.thyssenkrupp.com