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Stay on Corporate siteKONE Corporation's Annual General Meeting held on March 1, 2010 authorized the Board of Directors to repurchase the company's own shares. On the basis of this authorization, KONE Corporation's Board of Directors has decided to commence the possible repurchasing of shares at the earliest on March 9, 2010. The repurchasing of shares can continue until otherwise announced.
Altogether no more than 25,570,000 shares may be repurchased, of which no more than 3,810,000 are to be class A shares and 21,760,000 class B shares, taking into consideration the provisions of the Companies Act regarding the maximum amount of own shares that the Company is allowed to possess. The KONE Group currently has 4,710,242 class B shares in its possession.
The minimum and maximum consideration for the shares to be purchased is determined for both class A and class B shares on the basis of the trading price for class B shares determined on the NASDAQ OMX Helsinki Oy on the time of purchase.
About KONE
KONE is one of the global leaders in the elevator and escalator industry. The company has been committed to understanding the needs of its customers for the past century, providing industry-leading elevators, escalators and automatic building doors as well as innovative solutions for modernization and maintenance. The company'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 urbanizing environment. In 2009, KONE had annual net sales of EUR 4.7 billion and approximately 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd in Finland. Founded in 1910, KONE celebrates its centennial anniversary in 2010.
For further information, please contact:
Jukka Ala-Mello, Secretary to the Board, tel. +358 (0)204 75 4226
Sender:
KONE Corporation
Jukka Ala-Mello
Secretary to the Board
Anne Korkiakoski
Executive Vice President
Marketing & Communications