KONE is one of the largest global elevator and escalator engineering companies. The companys mission is to improve the flow of urban life by providing elevators, escalators and automatic building doors, as well as solutions for maintenance and modernization to add value to buildings throughout their life cycle.
KONE’s business model is capital light as working capital is negative in all businesses and the company works extensively with component suppliers to complement their own manufacturing capacity. The maintenance business is very stable due to high requirements for safety and reliability. Customer relationships are also typically long and stable (>90% annual retention rate). New equipment and modernization are more cyclical in nature and follow the construction cycles.
The company has roughly 16% global market share after Otis (20%) and Schindler (17%).
