KONE wins major order for Cannon Place redevelopment in London

May 02, 2008

KONE won an order from Hines for the overhaul of Cannon Place in the City of London. The redevelopment of the office building over the Cannon Street underground station will create new state-of-the-art offices and retail space in the heart of the financial district, which is also one of London's busiest transport interchanges. The order was booked in the January-March 2008 order book.

“We are extremely pleased to have our first order from Hines in the United Kingdom,” says Noud Veeger, EVP and Area Director for Central and North Europe at KONE. “Hines has worked with KONE on other great projects in various countries, and the stylish Cannon Place mixed-use project is a tribute to their development vision."

The office space will rise above the remodeled Cannon Street underground station, providing improved access and facilities for rail and underground users. Due to the redevelopment, the station will become more accessible for the 27 million passengers each year. The new station will also support future passenger growth, offer new retail space and feature relocated ticketing facilities.

The order includes 24 lifts, of which 12 units are scenic, and four escalators. The installation of the equipment will begin in mid-2009 and is planned to be completed by the end of 2010.

Hines is a privately owned real estate company involved in real estate investment, development and property management worldwide. Hines’ portfolio includes over a thousand properties representing office, residential, industrial, hotel, medical, retail and sports facilities.

About KONE

KONE’s objective is to offer the best people flow experience by developing and delivering solutions that enable people to move smoothly, safely, comfortably and without waiting in buildings, in an increasingly urbanising environment. KONE provides its customers with industry-leading lifts, escalators and innovative solutions for modernisation and maintenance, and is one of the global leaders in its industry. In 2007, KONE had annual net sales of EUR 4.1 billion and over 32,500 employees. KONE class B shares are listed on the OMX Nordic Exchange Helsinki in Finland.

www.kone.co.uk

For further information, please contact:
Minna Mars, SVP, Corporate Communications & IR, tel. +358 (0)204 75 4501