February 14, 2018 / 8:47 AM / 10 days ago

Thyssenkrupp not in talks with Kone over elevator business: CFO

FRANKFURT (Reuters) - Thyssenkrupp is not in talks with Finland’s Kone about its elevator business, Thyssenkrupp’s Chief Financial Officer Guido Kerkhoff told journalists on Wednesday after the group published first-quarter results.

Kone, which competes with Thyssenkrupp’s Elevator Technology division, last month said it was looking for acquisitions to further consolidate the elevator sector. Other rivals include U.S.-based Otis and Switzerland’s Schindler.

Elevator Technology is Thyssenkrupp’s most profitable unit, and some investors have called for a spin-off of the business, which had first-quarter adjusted operating profit of 220 million euros ($272 million), accounting for about half of the group’s total.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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