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KONE Acquires ThyssenKrupp Elevator, Aiming to Create the World’s Largest Elevator Manufacturing Giant

Published Time:

2026-04-29

According to industry insiders and the latest public announcements, Finnish elevator manufacturer Kone has confirmed its acquisition of German rival TK Elevator (TKE), with the deal valued at €29.4 billion (approximately $34.4 billion) on a debt-adjusted basis. The transaction is being led by TKE’s shareholders Advent International and Cinven, who formally reached an agreement this Wednesday. This move will effectively scuttle TKE’s planned IPO, drawing widespread attention across the global elevator industry.

Preparations for the acquisition talks between the two parties had been underway for some time; as early as mid-March this year, media reports revealed that KONE had already entered into in-depth negotiations on the acquisition, with TÜV Rheinland’s shareholders at the time valuing the company at up to €25 billion. The current valuation of €29.4 billion not only exceeds previous expectations but also significantly surpasses the €23 billion valuation assigned when Saudi firm Alat acquired a stake last year, underscoring KONE’s strong confidence in TÜV Rheinland’s growth potential.

Tietsheng Elevator, a global leader in vertical transportation solutions, employs approximately 50,000 people worldwide and reported fiscal-year 2024/2025 sales of €9.2 billion and adjusted EBIT of €1.4 billion, with service and modernization accounting for 65% of total revenue. In 2025, Alat acquired a 15% stake in the company and established a joint venture, further strengthening Tietsheng’s market position in the Middle East. KONE, Europe’s leading elevator manufacturer with a century-long industry presence, previously acquired the remaining shares of KONE Giant in 2016 to achieve full ownership; this latest acquisition represents a pivotal step in its global expansion strategy. KONE’s CEO stated that the merger will enhance service capabilities and unlock annual synergies of approximately €700 million, adding that the company’s core shareholders have already endorsed the transaction.

Uday Yadav, CEO of Tisun Global, has issued a notice to employees stating that the merger is intended to leverage the strengths of both companies to build a globally leading, future-oriented industrial enterprise. The integration will combine their respective capabilities in services, engineering, and innovation, accelerate R&D in digitalization, AI, and sustainable development, and provide employees with more opportunities for growth.

This transaction remains subject to antitrust review by regulatory authorities worldwide. In the European Union, large merger reviews typically take between six and 18 months, and competitor Schindler has already stated that it will file an appeal. Industry analysts anticipate that the deal may require divestiture of certain assets in order to obtain approval. Until the review is completed, the two companies will continue to operate independently, and ThyssenKrupp Elevator will hold a global employee town hall on May 11 to address any related questions.

This acquisition will have a disruptive, far-reaching impact on the global elevator industry landscape, reshaping the rules of competition and the direction of industry development. In terms of market share, according to the latest statistics from the Global Elevator Industry Association, KONE and ThyssenKrupp currently hold a combined market share of nearly 25% in the global elevator and escalator markets. Upon completion of the merger, the new entity will directly surpass traditional industry giants such as Otis (with a global market share of about 18%) and Schindler (with a global market share of about 15%), becoming the world’s largest elevator manufacturer. KONE’s global market share will jump from its current level of around 12% to 25%, significantly widening the gap with its competitors and giving rise to a new industry structure characterized by “a leading incumbent at the forefront and increasing polarization.” On the technological front, the deep integration of the two companies’ core strengths will create a powerful synergistic effect: KONE boasts extensive expertise in energy-efficient elevator R&D, intelligent control systems, elevator Internet of Things (IoT), and remote operations and maintenance; its machine-room-less elevator technology has spearheaded the industry’s shift toward lighter, more efficient designs. Meanwhile, ThyssenKrupp Elevator excels in high-speed elevators, ultra-high-rise elevators capable of speeds exceeding 10 meters per second, retrofitting of aging elevators, and elevator solutions for public transportation, with a proven track record on numerous landmark projects worldwide.

Following the integration of the two entities, the development of green and intelligent products will be accelerated, with a strong focus on breakthroughs in key technologies such as energy-efficient motors, AI-powered inspection systems, and digitalized operations and maintenance. This not only will reshape technical standards in the elevator industry but also drive the sector’s transformation from “traditional manufacturing” to “intelligent manufacturing plus full-lifecycle services.” In addition, synergies across the industry will be fully realized: the consolidation of the two companies’ global service networks will deliver comprehensive market coverage in Europe, Asia, the Americas, the Middle East, and other regions, significantly reducing cross-border operational and logistics costs; meanwhile, collaboration in R&D, supply chain management, and sales is expected to unlock annual synergy value exceeding €700 million, further strengthening the new entity’s risk resilience and pricing power in the market. At the same time, this integration will compel competitors such as Otis and Schindler to accelerate technological innovation and strategic realignment, thereby speeding up the pace of competition across the entire industry. From a supply-chain perspective, the merged company will become the largest global purchaser of core elevator components, which should optimize supply-chain configuration and enhance supply-chain stability—while simultaneously exerting pressure on small and medium-sized component suppliers and driving the industry’s supply chain toward greater concentration and higher value-added sophistication.

For a long time, the global elevator market has been dominated by four major brands: Otis, Schindler, KONE, and ThyssenKrupp. This market structure took shape in the mid-to-late 20th century, with each company carving out its own sphere of influence through differentiated technological strategies and maintaining a relatively stable, tacit understanding in competition: Otis has firmly held the North American home market, leveraging a mature service system to consolidate its customer base; Schindler has deeply cultivated the European market and enjoys an unshakable advantage in the escalator segment; KONE entered the Asian market with machine-room-less technology, rapidly expanding by aligning with the demands of Asia’s urbanization; and ThyssenKrupp focuses on super-tall buildings and public transportation, accumulating a portfolio of benchmark projects that are difficult to replicate.

For many years, the four major players have maintained a dynamic equilibrium in terms of pricing structures, service networks, and market territories, jointly shaping the direction of industry development. However, the recent acquisition of ThyssenKrupp Elevator by KONE—regardless of whether it ultimately secures regulatory approval—sends a clear signal: the decades-long dominance of the “Big Four” is gradually loosening under the dual pressures of capital-driven consolidation and technological transformation. For the industry, this shift means the previous competitive balance has been disrupted; fiercer market competition will compel companies to accelerate their pace of innovation, spurring faster technological advancement and service upgrades, while hastening the elimination of smaller and mid-sized brands that lag behind in technology and lack competitiveness, thereby further increasing industry concentration. For ordinary consumers, brand mergers and acquisitions are largely behind-the-scenes capital maneuvers; what truly matters is the product enhancements and service improvements resulting from such integrations—such as more efficient elevator operating speeds, smarter ride experiences, more convenient breakdown repair services, and more environmentally friendly, energy-efficient designs. These are the core benefits that merger-driven consolidation ultimately delivers to everyday passengers and represent the ultimate guiding principle for industry development.

At present, the global elevator industry is closely monitoring the subsequent developments of the transaction. As the largest acquisition in Europe this year and the highest-valued deal in Finnish corporate history, this merger will not only reshape the competitive landscape of the industry but also inject new momentum into its digitalization, intelligentization, and sustainable development.

Pioneering the Smart Elevator Sector and Empowering Overseas Markets—Haokun Technology Successfully Exhibited at the 17th China International Elevator Exhibition

The New Year ushers in a new journey—start-up means sprinting ahead!

Pioneering the Smart Elevator Sector and Empowering Overseas Markets—Haokun Technology Successfully Exhibited at the 17th China International Elevator Exhibition

Summary: At this year’s Guangzhou International Elevator Exhibition, Haokun Technology placed technology and products at the core of its strategy, showcasing its R&D achievements and overall strength in the field of smart elevator components. Through in-depth exchanges with domestic and international business partners, the company further broadened its industry perspective, cultivated a portfolio of high‑quality overseas clients, and laid a solid foundation for its global expansion.

2026-05-26

KONE Acquires ThyssenKrupp Elevator, Aiming to Create the World’s Largest Elevator Manufacturing Giant

Summary: Finnish elevator manufacturer KONE has confirmed the acquisition of its German rival ThyssenKrupp Elevator. As the largest acquisition in Europe this year and the highest-valued deal in Finnish corporate history, this merger will not only reshape the competitive landscape of the industry but also inject new momentum into its digitalization, intelligentization, and sustainable development.

2026-04-29

The New Year ushers in a new journey—start-up means sprinting ahead!

Summary: A new year, a new journey; new sails, a fresh voyage—galloping forward on horseback, the future holds great promise. In 2026, opportunities and challenges coexist, and hope walks hand in hand with hard work.

2026-02-24

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