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Daily press, 2004-03-22, 01:06 PM

Leading global elevator company, ThyssenKrupp Elevator, strengthens market position in Singapore with acquisition of Elevator Service 1

ThyssenKrupp Elevator announces plans to double sales in Singapore over the next three to five years as part of growth strategy in Asia Pacific

ThyssenKrupp Elevator (Singapore) Pte. Ltd., a subsidiary of ThyssenKrupp Elevator AG, Düsseldorf, Germany, has acquired the service business of Elevator Service 1 Pte. Ltd. (ES1) in Singapore. ES1 is a well known independent lift maintenance company in Singapore. This acquisition doubles the market presence of ThyssenKrupp Elevator in Singapore based on units under maintenance.

ThyssenKrupp Elevator is the third largest elevator company in the world, with projects in over 60 countries at more than 800 locations. ThyssenKrupp Elevator launched a world’s first in the Accessibility sector with the “Flite”, the world’s slimmest stairlift which can be installed even on very narrow stairs, removing yet another barrier for people with mobility problems. It is also responsible for the fastest elevator in Europe on the DaimlerChrylser premises in Berlin with the speed of 8.5 metres per second, for the elevators in the highest office building in Europe at the Commerzbank in Frankfurt and Europe’s longest escalator in the metro system of the Czech capital which won the Elevator World Project of the year 1999/2000.

ThyssenKrupp Elevator in Singapore

The acquisition of Elevator Service 1 Pte. Ltd. (ES1) is a significant step for ThyssenKrupp Elevator. The company also announced that it plans to double its sales in Singapore in the next three to five years, an affirmation of its commitment to the Singapore market.

“ES1 adds significant knowledge of third-party maintenance to ThyssenKrupp Elevator. We believe that this will bring enhanced synergy to the company, further strengthening our position as one of the leading elevator companies in Singapore. ThyssenKrupp Elevator has long term plans for its business in Singapore and is in the process of looking for suitable partners in the market.”, says Peter Lock, General Manager of ThyssenKrupp Elevator (Singapore). The current management of ES1, Mr. Gerald Huang and Mr. Allen Tan, join the Regional Executive Committee to assist ThyssenKrupp Elevator in opening up the market for third-party maintenance.

The acquisition will also allow ThyssenKrupp Elevator to provide more third party maintenance. To service technically advanced installations from other manufacturers, ThyssenKrupp Elevator runs a specialized Technical Customer Service Center in the US where top-quality technical support for third-party equipment is provided daily. The expertise and resources of these facilities enable ThyssenKrupp Elevator to service elevator systems from virtually all manufacturers. ThyssenKrupp Elevator is currently the only elevator company running such a facility. Additional Technical Customer Service Centers are currently being built in Shanghai and England and will be opened in 2004.

Growth in Asia/Pacific

With approximately 150 branches and bases in China, Korea, Hong Kong, Singapore, Thailand, Malaysia, Vietnam and India, ThyssenKrupp Elevator is already a significant player in the market. And as part of the growth strategy in Asia, ThyssenKrupp Elevator acquired the majority of Dongyang Elevator, the second largest elevator company in Korea in October 2003. “Our company is actively exploring ways to strengthen our

presence in the Asian region. And we believe that Singapore is a critical market in our plans to expand in Asia. Before the acquisition, we were number eight in Asia. Now, we are number four.”, says Helmut Mueller, Chief Executive Officer of ThyssenKrupp Elevator, Asia.

ThyssenKrupp Elevator is also committed to research and development, setting new benchmarks in the industry. TWIN, the most recent innovation of ThyssenKrupp Elevator, will be actively marketed in Singapore. It is a sophisticated elevator system with two cars – one arranged upon the other – in one single shaft. The two cars are not connected with each other and can drive independently to different levels using the same track. This translates into advantages including higher lift capacities and less construction volume. For example, a group of four conventional elevators – that is one elevator per shaft - 40 % more passengers can quickly move from one level to the other while also adding 25 % more available space. The TWIN elevator system has won several awards including the recent “Elevator World Project of the Year Award” by leading industry magazine, Elevator World, in January 2004. Mr. Mueller added, “ThyssenKrupp Elevator is the only company to have won this award five times in a row and this is a reflection of the world class quality that we want to bring to Singapore.”

With activities in over 60 countries at more than 800 locations ThyssenKrupp Elevator is the third largest elevator company in the world. It has some 30,000 employees and achieved sales of approx. 3.4 billion euros in the fiscal year ending September 30, 2003. 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.