KONE announced its intention to acquire TK Elevator in April 2026. The deal was confirmed in June. Workers and their representatives learned about it through the media, with no prior notice or consultation. The transaction is expected to close in 2027 and is subject to merger control review in the EU, United States and other jurisdictions.

Alexander Ivanou, Director of mechanical engineering, at IndustriALL Global Union, says:
"This takeover creates risks for thousands of workers around the world, and so far they have had almost no influence over decisions that will shape their future. Mergers and acquisitions cannot come at the expense of workers. Our priorities are clear: protect jobs and sites, uphold safety and health standards, and ensure proper consultation throughout this process."

At the September meeting, delegates from Australia, Belgium, Czech Republic, Finland, France, Germany, Italy, Korea, Luxemburg, Netherlands, Portugal, Spain and Türkiye, together with European Works Council coordinators and chairs and TK Elevator Global Works Council members, set out why they view this deal as a serious threat to workers.

The risks workers face

EUR 700 million in announced annual synergies raises immediate fears of job cuts, site closures and deteriorated working conditions across the company. The elevator market is already concentrated with the five largest groups accounting for some 60 per cent of the global market. Merging two of the top five players raises further risks if regulators require divestments : parts of either business could be put up for sale, exposing workers to business closures and cherry-picking of the best assets.

Financial investors in the ownership structure will prioritize quick returns over long-term jobs, investment and industrial capacity.

Services and modernization now account for more than 60 per cent of revenue and are the main source of profit margins, which makes this precisely the sector where cost pressures will be felt. Installation, modernization and maintenance are high-risk field operations, and pressure on staffing levels, workloads and the use of subcontractors has direct consequences for workers and the public. Health and safety must be explicitly integrated into the consultation process.

Isabelle Barthès, Deputy General Secretary of industriAll Europe, says:
"Workers learned about this deal from the press and are still waiting for real information and consultation. Companies have legal obligations under EU law, and we intend to hold them to account. Unions in both companies are aligned, and we will act together at national, European and global level.”

What unions are demanding

Workers have already mobilized. On 20 May 2026, thousands took to the streets across Europe and Asia in the first global day of action for both companies.

• Establish a permanent coordination group of union representatives and Works Council coordinators
• Send a joint letter to the CEOs of both companies demanding job and site guarantees, full respect of information and consultation rights, continuation of collective agreements, and continued social dialogue, based on the existing agreements. i.e. the TK Elevator Global Framework Agreement and the Global Works Council agreement, which unions expect the future company to take over.
• Call for a joint meeting of the two European Works Councils
• Engage with merger control authorities, including the European Commission, where employment is a factor to be taken into account, and Members of European Parliament in the countries concerned

IndustriALL Global Union and industriAll Europe will coordinate their affiliates throughout the acquisition process.