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Daily press, 2007-04-18, 11:00 AM

ThyssenKrupp Elevator strengthens presence in Croatia

ThyssenKrupp Elevator has acquired Koncar dizala i servis d.o.o., Zagreb. The company, which has been in the elevator and escalator business since 1948, has 110 employees and achieved sales of around 5.5 million euros in fiscal 2006. The seller is the Kon?ar group, which is disposing of this subsidiary as part of its move toward focusing on its core businesses of energy, industry and trading.

Eastern Europe is a key growth area for ThyssenKrupp Elevator’s business, and the full acquisition of Koncar dizala i servisi d.o.o. represents a continuation of the group’s growth strategy in the region. In the future, the new company will trade under the name ThyssenKrupp Koncar dizala d.o.o. and will continue to be headed by current Managing Director Mario Cutuk.

ThyssenKrupp Elevator established its first subsidiary in Croatia in 2002 and recently strengthened its presence in Slovenia. The group has further Eastern European subsidiaries in Russia, Ukraine, Poland, Hungary, the Czech Republic, Slovakia, Serbia and Lithuania.