January 25, 2018 / 12:49 PM / a month ago

Elevator maker Kone raised prices in China - CEO

HELSINKI, Jan 25 (Reuters) - Finnish elevator maker Kone’s fourth-quarter new equipment orders in China were flat in unit terms but increased around 7 percent year-on-year in monetary value thanks to price increases, its chief executive said on Thursday.

“I would claim that not all rivals have managed to raise prices (in China) as yet,” CEO Henrik Ehrnrooth told a news conference.

Kone, a rival to U.S. Otis, Germany’s ThyssenKrupp and Switzerland’s Schindler, earlier this month reported its first fall in annual profit in a decade due to China’s cooling demand and tough competition, as well as higher raw material prices. (Reporting by Jussi Rosendahl, editing by Terje Solsvik)

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