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Daily press, 2003-07-21, 11:52 AM

ThyssenKrupp Elevator continues internationalization drive

Agreement signed to purchase majority interest in Korean DongYang Group

On July 19, 2003, ThyssenKrupp Elevator AG, Düsseldorf/Germany, signed an agreement to purchase a majority interest in the Korean DongYang Group, Oryudong (Seoul), subject to necessary approvals.

The DongYang Group has approx. 1,000 employees and generated sales of 193 Euro million in the fiscal year ending December 31, 2002. Activities include the production, modernization and maintenance of elevators, escalators and moving walks. After China and Japan, Korea is Asia’s third largest market for elevators and escalators. DongYang with it’s strong orientation to high rise, high value elevators of high quality makes them an ideal partner for us.

ThyssenKrupp Elevator is the third largest elevator company in the world with activities in over 60 countries at more than 800 locations. It has some 29,000 employees and achieved sales of approx. 3.5 billion euros in the fiscal year ending September 30, 2002. Products include passenger and freight elevators, escalators and moving walks, stair and platform lifts as well as passenger boarding bridges plus top quality service for the entire range.