TK Elevator deputy chairman slams Kone deal, demands board meeting (updated)

Tsann Kuen Enterprise Co

29/04/2026 12:45

Adds context in paragraph 3, TKE statement in paragraph 5

FRANKFURT, April 29 (Reuters) - The deputy chairman and leading labour representative of TK Elevator, which is to be bought by Finnish peer Kone KNEBV.HE in a $34.4 billion deal, on Wednesday slammed the proposed transaction, calling for an extraordinary board meeting.

"I note this announcement with great dismay," said Knut Giesler of German union IG Metall, who also serves as the deputy chairman of TKE's supervisory board.

TKE employs more than 50,000 people worldwide and the proposed deal has stoked fears of job cuts. IG Metall said the fact that labour representatives were not informed ahead of the announcement constituted a breach of trust.

"In this context, we are calling for an extraordinary meeting of the supervisory board to be convened without delay within the next seven days, in order to receive detailed information on the next steps," Giesler said.

A spokesperson for TKE said the company and its owners were in discussions with IG Metall and the works council, adding the parties were "aware of their responsibility towards TKE's employees and take the concerns of the employees and their representatives very seriously."

 (Reporting by Christoph Steitz, editing by Thomas Seythal and Madeline Chambers)

 ((christoph.steitz@thomsonreuters.com))