Kone Corp., a global leader in the elevator and escalator industry with Quad-City operations, has expanded its footprint in Spain.
Kone announced its has acquired the elevator company Ascensores R Casado, S.A. With 1,300 elevators now in service, Ascensores provides installation, maintenance and modernization services.
"Madrid represents a key market for KONE in Spain and this acquisition will strengthen our market position in the region," Pierre Liautaud, executive vice president for Kone South Europe, Middle East and Africa, said in a news release late last month.
The acquisition comes just weeks after Kone Corp. announced it now owns 100 percent of Shan On Engineering Co. Limited in Hong Kong. Previously, KONE owned 35.3 percent of Shan On.
Founded in 1973, Shan On specializes in elevator maintenance, modernization and installation services. It has about 1,000 elevators in its maintenance base.