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ACQUISITION COMPLETE; THYSSENKRUPP ELEVATOR INDEPENDENT

The acquisition of thyssenkrupp Elevator by private-equity firms Advent International and Cinven is complete, with all relevant regulatory authorities approving the transaction, thyssenkrupp Elevator announced on July 31. "The successful closing marks a new chapter in our history," CEO Peter Walker said. Advent and Cinven said they aim to grow thyssenkrupp Elevator through organic growth; carefully targeted acquisitions, particularly in Asia; energy-efficient product development; and R&D. As part of the change in ownership, thyssenkrupp Elevator will relocate its global headquarters from Essen to Düsseldorf, Germany, in 2021. With operations worldwide and more than 50,000 employees, thyssenkrupp Elevator had sales of EUR8 billion (US$9.4 billion) in 2018-2019. Service is its most important business, with approximately 1.4 million units under maintenance and more than 24,000 service technicians globally. Its stable service business allowed thyssenkrupp Elevator to "demonstrate its fundamental resilience" throughout the impact of the COVID-19 pandemic as it "ensured ongoing mobility in. . .healthcare facilities and public buildings."

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