ThyssenKrupp Elevator opens new subsidiary in Ireland

First ThyssenKrupp company in Ireland

Investing in the buoyant Irish economy, ThyssenKrupp Elevator, Düsseldorf/Germany, has opened a new subsidiary in Dublin. Currently Ireland is a relatively small market for elevators in global terms, with approximately 1,000 units from a total of 250,000 new installations worldwide, but it is expected to grow.

At a ceremony in Dublin on May 28, the new company was officially inaugurated by Brian Lenihan, the Irish Minister of State for Health, together with Dr. Gottfried Haas, the German Ambassador, and Gary Elliott, Chief Executive Officer of ThyssenKrupp Elevator AG, in the presence of numerous experts from the worlds of politics, industry and business.

ThyssenKrupp Elevator Ireland is the ThyssenKrupp Group`s very first company in this country. It aims to develop the elevator business and become one of the leading suppliers in Ireland.

ThyssenKrupp Elevator Ireland will run as an independent unit to react quickly to local market needs. The company will be managed by the 36 year-old Michael Duffy, who has already been in the elevator business for 16 years. Duffy: "The opening of the new subsidiary in Dublin is an exciting development for our company. ThyssenKrupp Elevator Ireland was attracted to this market, not only because of the Single European Market and the availability of a high-skilled labour pool, but also because of the buoyancy of the economy. The economy will be further boosted by the some 48,000 visitors to the Summer Special Olympics being held in Dublin this year".

<small>ThyssenKrupp Elevator Ireland is a company of ThyssenKrupp Elevator. 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 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.</small>

Contact:
Dr. Rembert Horstmann
Head of Corporate Communication &amp; Marketing
ThyssenKrupp Elevator AG
Phone +49 (0)211 824-38414
Fax +49 (0)211 824-36839
E-mail: Horstmann@elevator.thyssenkrupp.com