Toshiba's Elevator Stake Could Shift to KONE or Another Player

Japan’s Toshiba could divest part or all of its approximately 80% stake in Toshiba Elevator & Building Systems as Finland’s KONE — which already owns slightly less than 20% of Toshiba Elevator — is among likely potential buyers of more shares, The Japan Times is among outlets to report, citing Bloomberg and “people with knowledge of the matter.” KONE has expressed its interest in increasing its stake in Toshiba Elevator in discussions with the Japanese group, the source said. Analysts have said “any move toward control of Toshiba Elevator would likely be gradual; given local ownership sensitivities.” Japan’s dense installed and aging vertical-transportation fleet promise to drive modernization in a service-heavy market, analysts said. Deliberations are at an early stage, and other potential buyers could be interested in a stake in Tosbiha Elevator, whose products can be found in the Shanghai World Financial Center, Taipei 101 in Taiwan and Tokyo Skytree.