Elevator World

Welcome to the Elevator World News Podcast. Today’s podcast news podcast is sponsored by elevatorbooks.com: www.elevatorbooks.com THYSSENKRUPP SELLS ELEVATOR DIVISION thyssenkrupp agreed to sell its elevator division to a consortium of Advent, Cinven and RAG AG (Germany’s largest coal-mining corporation, also based in Essen) on February 27, Reuters reported. The final price was EUR17.2 billion (US$18.7 billion). After KONE withdrew its bid citing "terms and conditions that are in the best interest of its shareholders, employees and customers" amid reports of worldwide litigation from other OEMs (ELENET 826), the winning consortium prevailed against a rival consortium comprising Blackstone, Carlyle and the Canada Pension Plan Investment Board. thyssenkrupp said it would reinvest about EUR1.25 billion (US$1.37 billion) to take a stake in the unit, which would translate to a 7.3% share that would be used to partially fund its pension liabilities. These plus its debt total EUR16 billion (US$17.57 billion). thyss