ThyssenKrupp Elevator moves into Italian market

Majority interest acquired in Marco Bonfedi Ascensori Scale Mobili S.r.l.

ThyssenKrupp Elevator AG, Düsseldorf/Germany, acquired a majority interest in Milan/Italy-based Marco Bonfedi Ascensori Scale Mobili S.r.l. (Bonfedi). This gives ThyssenKrupp Elevator direct access to Europe`s most important service market for elevators and escalators (approx. 700,000 installed units). Based on direct imports from Germany, the Elevator segment already holds a roughly 20 percent share of the Italian escalator market.

Bonfedi was established in Milan in 1970 as a family-owned business with activities in the sale, installation and servicing of elevators and escalators. The medium-size company enjoys excellent business relationships with several major customers. The previous owner, Marco Bonfedi, will remain with the company as managing director.

Over 60 percent of the Italian elevator market is dominated by medium-size companies with largely regional activities. ThyssenKrupp Elevator is planning further acquisitions to establish a permanent presence in Italy.

ThyssenKrupp Elevator is the third-largest elevator company in the world and has a presence in more than 60 countries at over 800 locations. With over 30,000 employees, the company achieved sales of around 3.4 billion euros in the fiscal year to September 30, 2003. Capabilities include passenger and freight elevators, escalators and moving walks, stair and platform lifts, passenger boarding bridges as well as high-quality service for the entire product range.

Contact:

Dr. Rembert Horstmann
ThyssenKrupp Elevator AG
Communications and Marketing
Telephone: +49 (0)211 824-38414
Fax: +49 (0)211 824-36839
E-mail: rembert.horstmann@thyssenkrupp.com