February 14, 2018 / 8:46 AM / a year ago

Thyssenkrupp not in talks with Kone over elevator business: CFO

The board of ThyssenKrupp L-R CHRO Oilver Burkhard, CFO Guido Kerkhoff, CEO Heinrich Hiesinger and member of the executive board Donatus Kaufmann pose before the company's annual shareholders meeting in Bochum, Germany, January 19, 2018. REUTERS/Thilo Schmuelgen

FRANKFURT (Reuters) - Thyssenkrupp is not in talks with Finland’s Kone about its elevator business, Thyssenkrupp’s Chief Financial Officer Guido Kerkhoff told journalists on Wednesday after the group published first-quarter results.

Kone, which competes with Thyssenkrupp’s Elevator Technology division, last month said it was looking for acquisitions to further consolidate the elevator sector. Other rivals include U.S.-based Otis and Switzerland’s Schindler.

Elevator Technology is Thyssenkrupp’s most profitable unit, and some investors have called for a spin-off of the business, which had first-quarter adjusted operating profit of 220 million euros ($272 million), accounting for about half of the group’s total.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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