March 9, 2020 / 9:02 AM / 23 days ago

BRIEF-KONE Updates On COVID-19 Impact On Operations

March 9 (Reuters) - Kone:

* UPDATED ON MARCH 8 ON IMPACT OF COVID-19 ON CO’S OPERATIONS

* SAID CORONAVIRUS IS EXPECTED TO HAVE SIGNIFICANT IMPACT ON CO’S Q1 SALES AND RESULTS

* IMPACT IS ESPECIALLY DUE TO LOWER NEW EQUIPMENT DELIVERIES IN CHINA, EXTRA COSTS RELATED TO FOR EXAMPLE SAFETY ACTIONS, LOGISTICS ETC.

* SAID CHINA ACCOUNTED FOR AROUND 30% OF CO’S SALES IN 2019

* IN CHINA, SUPPLIERS ARE NOW DELIVERING AT GOOD CAPACITY

* SAID TOOK INTO ACCOUNT THE UNCERTAINTY RELATED TO THE COVID-19 OUTBREAK WHEN PROVIDING 2020 BUSINESS OUTLOOK

* SHOULD THE OUTLOOK CHANGE, CO WOULD UPDATE MARKETS IMMEDIATELY

* SAID CO’S TWO ELEVATOR COMPONENT FACTORIES IN LOMBARDY, ITALY, CONTINUE TO BE OPERATIONAL

* MAINTENANCE AND INSTALLATION OPERATIONS IN ITALY ARE EXPECTED TO CONTINUE NORMALLY WITH SOME EXCEPTIONS

* SAID CO’S STOCK OF PRODUCTS IN WAREHOUSES AND DISTRIBUTION CENTERS IS ON GOOD LEVEL BOTH IN ITALY AND OUTSIDE OF COUNTRY

* CO IS LEVERAGING GLOBAL DELIVERY CHAIN TO MITIGATE SITUATION IN INDIVIDUAL COUNTRIES

Source text: bit.ly/2TTNmV8

Further company coverage: (Gdansk Newsroom)

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