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KONE Oyj
KNYJFIndustrialsOTCFI
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Finnish elevator maker Kone said on Wednesday its shareholders have approved the company's planned $34 billion acquisition of German rival TK Elevator (TKE), which is set to create the world's largest lift making group.
Kone remains a buy as Q1 2026 results show broad-based growth, margin expansion, and reduced reliance on new equipment and China. Service and modernization now comprise over 65% of KNYJF sales, supporting resilience despite ongoing Chinese new equipment margin pressures. The TKE deal is a potential game changer, expanding KNYJF's US presence, densifying the service network, and boosting the installed base for modernization.
Brussels' antitrust rules have already once helped derail an attempt to create the world's top lift maker, but Kone's proposed new tie-up with TK Elevator shows the Finnish group is banking on a change in Europe's approach to forging regional champions.
