Global leader in elevator, escalator industry pulls out of Russia

The Finnish company Kone Oyj, one of the three largest global manufacturers of elevators and escalators, on Tuesday completed the sale of its Russia operations, it said in a statement.

The former Russian business of Kone will now be owned by S8 Capital of Armen Sargsyan, which earlier also bought a tyre plant of the German company Continental and the enterprises of the Robert Bosch group.

"The transaction has been approved by the relevant authorities and the closing of the deal means that Kone is now fully divested from Russia," the company said.

The value of the transaction was not disclosed.

Kone had about 300 employees in Russia, and the Russian market accounted for less than one percent of the group’s total sales.

Last month, International Paper, the world's largest paper producer, also announced it had left the Russian market.