Latest news with #TKElevator
Zawya
03-06-2025
- Business
- Zawya
TK Elevator snaps up key Kuwait International Airport contract
Kuwait - TK Elevator (TKE) has announced that it has been awarded a major package (Package 3) covering the aircraft aprons and taxiways and service buildings at the Kuwait International Airport (KWI). The scope of work includes the supply, delivery, installation, and a two-year maintenance contract of 55 passenger boarding bridges. This agreement reinforces TKE's position as a premier infrastructure partner in the Middle East, thus leveraging its long-standing relationship with KWI, said TKE in a statement. The new Terminal 2, under construction by Limak Insaat and overseen by the Kuwait Ministry of Public Works, features an iconic design by Foster + Partners, and is set to become a major hub in the Gulf region. Covering 750,000 sq m with a roof area of 315,000 sq m, it will significantly increase Kuwait International Airport's capacity to handle 25 million passengers annually, it stated. TKE said its solutions will enable seamless passenger flow and play a vital role in enhancing operational efficiency and ensuring a seamless passenger experience, thus contributing to Kuwait's growing position as a key regional air hub. TKE's 55 custom-designed PBBs, featuring a unique steel and glass design and tailored width specifications, will seamlessly accommodate all aircraft types – from Code C (for example A320 or B737) to code F (eg A380 or B 747-8), it stated. On the key contract win, Ignacio Madinah, the CEO of Airport Solutions at TK Elevator, said: "Our reputation for service and product excellence, customisation capabilities and maintenance expertise combined with our extensive experience in large-scale infrastructure projects, makes us a trusted partner." "We are proud to support Kuwait Airport in their expansion, realizing Kuwait's new airport development project's ambition to become a key hub in the Middle East," he stated. This contract highlights TKE's commitment to excellence and innovation in the airport equipment sector. It builds on a longstanding relationship with Kuwait Airport, including previous PBB installations at the Amiri Terminal, Terminal 4, and Terminal 5. TKE's ongoing contributions demonstrate its dedication to enhancing operational efficiency and passenger experience, aligning with Kuwait Airport's strategic vision. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
02-06-2025
- Business
- Trade Arabia
TK Elevator snaps up key Kuwait International Airport contract
TK Elevator (TKE) has announced that it has been awarded a major package (Package 3) covering the aircraft aprons and taxiways and service buildings at the Kuwait International Airport (KWI). The scope of work includes the supply, delivery, installation, and a two-year maintenance contract of 55 passenger boarding bridges. This agreement reinforces TKE's position as a premier infrastructure partner in the Middle East, thus leveraging its long-standing relationship with KWI, said TKE in a statement. The new Terminal 2, under construction by Limak Insaat and overseen by the Kuwait Ministry of Public Works, features an iconic design by Foster + Partners, and is set to become a major hub in the Gulf region. Covering 750,000 sq m with a roof area of 315,000 sq m, it will significantly increase Kuwait International Airport's capacity to handle 25 million passengers annually, it stated. TKE said its solutions will enable seamless passenger flow and play a vital role in enhancing operational efficiency and ensuring a seamless passenger experience, thus contributing to Kuwait's growing position as a key regional air hub. TKE's 55 custom-designed PBBs, featuring a unique steel and glass design and tailored width specifications, will seamlessly accommodate all aircraft types – from Code C (for example A320 or B737) to code F (eg A380 or B 747-8), it stated. On the key contract win, Ignacio Madinah, the CEO of Airport Solutions at TK Elevator, said: "Our reputation for service and product excellence, customisation capabilities and maintenance expertise combined with our extensive experience in large-scale infrastructure projects, makes us a trusted partner." "We are proud to support Kuwait Airport in their expansion, realizing Kuwait's new airport development project's ambition to become a key hub in the Middle East," he stated. This contract highlights TKE's commitment to excellence and innovation in the airport equipment sector. It builds on a longstanding relationship with Kuwait Airport, including previous PBB installations at the Amiri Terminal, Terminal 4, and Terminal 5.
ME Construction
22-04-2025
- Business
- ME Construction
TK Elevator transforms Madrid Airport as first fully remote-operated hub with MAX Automate
Technology TK Elevator transforms Madrid Airport as first fully remote-operated hub with MAX Automate By By PBB control, MAX Automate streamlines processes, enhances safety through advanced sensor and camera technology, and promotes sustainability by reducing vehicle movements and associated emissions TK Elevator (TKE) has implemented its MAX Automate system at Adolfo Suárez Madrid-Barajas Airport in Spain. The technology is said to have made Madrid the world's first major airport to remotely operate a total of 129 Passenger Boarding Bridges (PBBs) across its five terminals. By PBB control, MAX Automate streamlines processes, enhances safety through advanced sensor and camera technology, and promotes sustainability by reducing vehicle movements and associated emissions, said the firm. Adolfo Suárez Madrid-Barajas Airport, Spain's biggest airport, is one of the top five European airports and one of the busiest airports in the world. In 2024, it welcomed over 66m passengers. With the new MAX Automate system, the airport will be even more efficient for travelers. It'll be simpler, safer, and better managed, making journey smoother, said a statement. 'MAX Automate represents a paradigm shift in airport operations,' said Ignacio Medina, CEO of Airport Solutions at TK Elevator. 'By pioneering this system in Madrid, we've demonstrated how PBB automation can be implemented at scale and our commitment to driving digital transformation in the aviation industry. This solidifies TKE's position as a leader in the PBB automation path. MAX Automate is an innovation that keeps evolving, pushing airports to move beyond traditional operations and adopt digital technologies that will shape the future of seamless, efficient airport management.' MAX Automate integrates hardware and software for airport operations, offering three customisable levels of enhancement. The Remote Control System will assist operators to remotely control multiple PBBs from a single control station, eliminating the need for operator transfers. The Automatic Docking Assistance employs stereo cameras and advanced artificial vision algorithms to ensure precise and safe docking. The Remote Automatic Docking Assistance combines remote operation with automatic docking, providing convenience and reliability. At Madrid Airport, the Remote Control System is operated from three dedicated control rooms, allowing staff to connect to and control all 129 PBBs. This approach optimises docking procedures, reduces turnaround times – a major cost factor in the industry and eliminates the need for operators to move between stands. The system further enhances operational efficiency by minimising downtime and enabling docking upon receiving the 'OK handling' signal. Beyond operational improvements, MAX Automate enhances safety by reducing human intervention during docking, lowering the risk of incidents and damage to PBBs and aircraft. Staff can become more specialised, opening new career paths for employees with disabilities. Sustainability is another advantage, as fewer operator transfers lead to reduced vehicle usage on the apron, CO₂ emissions and supporting airports in meeting their environmental goals. As the step towards PBBs, MAX Automate underscores TK Elevator's commitment to delivering innovative, fully integrated solutions. This lays airport operations and foundation for further advancements in airport automation and digitalisation, the company concluded.
Reuters
17-04-2025
- Business
- Reuters
Exclusive: TK Elevator owners weigh US for potential multi-billion euros IPO, sources say
Summary Companies Deliberations at an early stage, sources say Business likely to be valued at more than 20 billion euros FRANKFURT, April 17 (Reuters) - TK Elevator's owners are weighing the United States as a location for a potential initial public offering next year, despite market turmoil triggered by U.S. tariffs slowing the pace of dealmaking, three people with knowledge of the matter told Reuters. Deliberations are at an early stage and preparations are expected to be formalised towards the end of 2025, with a view to conducting a sale or listing of the company next year, the people said, speaking on condition of anonymity because the matter is private. The business is likely to be valued at more than 20 billion euros ($22.7 billion) in a transaction, the people said, adding there was no certainty of a deal and that the timing could still change depending on market developments. The United States is TK Elevator's biggest market and home to sector-leader Otis, which commands the highest multiple among peers, making it one of the reasons why it is being considered as an IPO location, one of the people said. Thyssenkrupp ( opens new tab in 2020 sold its elevator technology business - later renamed TK Elevator - for 17.2 billion euros to a consortium of bidders led by private equity firms Advent, Cinven and Germany's RAG foundation. Advent, Cinven ( and RAG all declined to comment. TK Elevator was not immediately available for comment. European companies choosing the U.S. as a listing venue in the hope of higher valuations compared with their home countries has become a hotly debated topic, also highlighted by recent moves by Switzerland's Holcim (HOLN.S), opens new tab and Belgium's Titan Cement International ( opens new tab. FOURTH LARGEST Countries like Britain, too, have embarked on market reforms to attract more listings and the London Stock Exchange has looked to dissuade companies from choosing the U.S. TK Elevator is the world's fourth-largest elevator maker by sales behind U.S.-based Otis (OTIS.N), opens new tab, Switzerland's Schindler and Finland's Kone ( opens new tab, which trade at an average EV/EBITDA multiple of 14.8 according to LSEG data. Based on adjusted EBITDA of 1.5 billion euros in the 2023/24 fiscal year, this ratio would give TK Elevator a valuation of more than 22 billion euros. Since the 2020/2021 fiscal year, TK Elevator has increased sales by more than 16% and its adjusted EBITDA by more than a third, for an operating margin of around 16%, boosted by strong global demand and its stable service business. In February, Saudi tech firm Alat became a direct shareholder in TK Elevator when it bought a 15% stake, as well as launching a 160 million euro joint venture in Saudi Arabia for elevator and escalator solutions. Thyssenkrupp last year said a minority stake that it still holds in the elevator business has a book value of 1 billion euros, adding it was flexible regarding its options which largely depended on what TK Elevator's majority owners would do. ($1 = 0.8801 euros)
Zawya
25-02-2025
- Business
- Zawya
Saudi tech firm Alat buys 15% stake in Germany's TK Elevator
Saudi Arabia's new advanced industries firm Alat has bought a 15% stake in Germany's TK Elevator and unveiled a $160 million joint venture for elevators and escalator solutions, the companies said on Monday. Alat was launched by Saudi crown prince Mohammed bin Salman earlier in the month and is aimed at helping make the kingdom a global centre for electronics and advanced industries. It will become a direct shareholder of TK Elevator and a member of the current investment consortium, the companies said in a statement, adding that the deal is expected to close by the third quarter. The joint venture will be headquartered in Saudi Arabia and aims to manufacture elevators, escalators and moving walks locally. In 2020, Germany's Thyssenkrupp closed a 17.2 billion euro ($18.01 billion) sale of its elevator division, later renamed TK Elevator, to private equity firms. ($1 = 0.9551 euros) (Reporting by Disha Mishra in Bengaluru; Editing by Devika Syamnath)
