ThyssenKrupp Elevator strengthens presence in Asia

Acquisition in Hong Kong and new headquarters for Asia in Shanghai

ThyssenKrupp Elevator AG has acquired a majority interest in its Hong Kong distributor, the Bongear group with approx. 280 employees. The company`s capabilities include new installations, components and services. With this acquisition ThyssenKrupp Elevator is pursuing the strategic goal of establishing its own market presence in the high-quality Hong Kong market.

The strategic position of the segment in the Asian market has been strengthened by a number of acquisitions:

- In early 2001 the company acquired the elevator business of its distributor, General Engineering & Trading in Singapore, and transferred it to the newly established ThyssenKrupp Elevator (Singapore)

- October 2002 saw the establishment of the joint venture ThyssenKrupp ECE Elevator with branches and regional offices throughout India.

- In November 2002, the market position in Malaysia was strengthened through the acquisition of Mahkota`s service business by ThyssenKrupp Elevator Malaysia.

To continue the successful expansion in the growth region of Asia, Helmut Müller - previously managing director of operations in China - has been heading up ThyssenKrupp Elevator`s new Asia headquarters in Shanghai since the beginning of this year. Allen Ge succeeded Müller in his former position in China.

At the beginning of this year, Horst Linde assumed the position of managing director of ThyssenKrupp ECE Elevator, the new Indian joint venture established on October 16, 2002.

With approximately 100 branches and bases in China, Hong Kong, Singapore, Thailand, Malaysia and India, ThyssenKrupp Elevator is already a significant player in this growth market.

ThyssenKrupp Elevator has undergone rapid expansion in the key Chinese market. With 25 percent growth in fiscal year 2001/2002, the company was well above the general sector trend in China. Encouraging business development was also achieved in Singapore, Hong Kong, Thailand, Malaysia and India, where ThyssenKrupp Elevator has its own local subsidiaries. "The company is actively exploring ways to strengthen its presence in the region, examining different forms of cooperation in line with varying market conditions. Although the competition is strong, we intend to increase our market share in Asia," says Gary Elliott, Executive Board Chairman of ThyssenKrupp Elevator AG, Düsseldorf.

"These acquisitions in Asia are just the beginning," says Helmut Müller, ThyssenKrupp Elevator`s new Asia chief.

ThyssenKrupp Elevator is the third largest elevator company in the world, with activities in over 60 countries at more than 800 locations. ThyssenKrupp Elevator AG has some 29,000 employees and achieved sales of approx. 3.5 billion euros in fiscal 2001/2002 (year ended Sept. 30, 2002). The company`s products include passenger and freight elevators, escalators and moving walks, stair and platform lifts, and passenger boarding bridges plus top quality service for the entire range.

Contact

ThyssenKrupp Elevator AG
Dr. Rembert Horstmann
Communication & Marketing
Phone + 49 211 824-38414
Fax +49 211 824-36839
E-mail: Horstmann@elevator.thyssenkrupp.com