TKE Labor Representative and Deputy General Slams KONE Deal

Deputy Chairman of TK Elevator’s (TKE) Advisory Board Knut Giesler of German union IG Metall on April 29 “slammed” the proposed US$34.4 billion-dollar deal for Finland’s KONE to acquire Germany-headquartered TKE, calling for an extraordinary board meeting within the next seven days, Reuters reports. According to IG Metall, the union was not informed of the pending announcement, constituting a breach of trust. TKE employs more than 50,000 people globally, and there are fears of job cuts should the deal go through. “I note this announcement with great dismay,” Geisler said. A TKE spokesperson said the company is in discussions with IG Metall and are “aware of their responsivity towards TKE’s employees and take concerns of the employees and their representatives very seriously.”