For every new apartment block springing up around China’s fast-growing cities, there is at least one elevator.
So it’s no surprise to see Kone, the Finnish lift and escalator maker, on Monday agreeing to pay Zhejiang Giant Holdings nearly €100m for an increased stake in their Chinese joint-venture.
The deal will see Kone raise its shareholding in Giant Kone Elevators from 40 per cent to 80 per cent, with an option to buy the remaining 20 per cent in future.
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