Robust Service and Modernization Buoy KONE in 3Q

KONE delivered a strong third quarter (3Q) as a continued focus on service and modernization proves successful, representing more than 60% of the Finland-based global OEM’s revenue, KONE President and CEO Philippe Delorme said in an October 23 press release. Delorme said he is particularly pleased by the “excellent strides we are making in digitalization,” with deployment of productivity-enhancing tools to field service teams. The company is also enjoying a positive customer response to its modular partial modernization offering, which offers cost effectiveness, enhanced energy efficiency and minimized disruption. From July-September, orders grew by 3% to EUR2.13 billion (US$2.47 billion) and sales grew by 0.3% to EUR2.76 billion (US$2.75 billion). “A key highlight this quarter was the nearly 8% comparable growth in orders received,” Delorme said, with KONE realizing an increase of more than 10% in three out of four areas and its modernization business growing in the double digits. KONE’s new building solutions market declined during 3Q, mainly due to continued weak market conditions in China.