KONE/TKE deal update, Maritimes mechanics back at work, VA fraud charges
KONE's €29.4 billion takeover of TK Elevator is six months old and no regulator has signed off. Our lead lays out every step so far and what it means on this side of the Atlantic. Also: Maritimes mechanics are back after a month on strike, and Portland's VA is about to hand a US$12 million job to a contractor whose owner faces federal fraud charges.
KONE and TK Elevator: where the deal stands
Six months after KONE agreed to buy TK Elevator for 29.4 billion euros, no regulator has signed off. The US, India and Singapore are reviewing it and the UK is taking comments, and Reuters reports KONE is getting ready to sell most of TK Elevator's European business to win over Brussels, with Mitsubishi Electric and Fujitec reported to be looking at it. Our timeline marks what's new since our last issue and spells out what it means in North America: the two companies keep competing until the deal closes, nothing announced so far changes who employs TK Elevator's mechanics or which IUEC contracts cover them, and the US national agreement runs out on 8 July 2027, right around when the deal could close.
Elevator mechanics back at work across the Maritimes
Members of Local 125 of the International Union of Elevator Constructors went on strike on September 10, leaving ongoing elevator repairs in limbo and new outage calls unanswered across the Maritimes. Workers returned to the job on October 8, 2026, with no official word on where negotiations stand, and elevators still awaiting repair had not yet been restored to service. TK Elevator, a member of the National Elevator and Escalator Association, confirmed it had resumed normal operations and would prioritize facilities supporting essential and life-safety functions such as hospitals and long-term care facilities. Seniors and people with mobility issues were among those most affected by the month-long work stoppage.
Worker pinned under subway escalator he was repairing
A worker fixing an escalator at the 63rd Street F/M/Q subway station on Manhattan's Upper East Side was pinned under the steps from the waist down on the morning of 5 October, according to the FDNY. Firefighters carried out a technical rescue and medics took him to NewYork-Presbyterian Weill Cornell Medical Center with injuries the FDNY says are not life-threatening. Reports differ on whether he worked for the MTA or a contractor, and no cause has been given.
Non-union elevator contractor faces federal fraud charges
Portland's VA Medical Center is on track to award a US$12 million elevator modernization contract to Armstrong Elevator, a non-union Florida company, even though its owner, Roy Armstrong, was arrested in January 2025 on multiple federal criminal counts. The indictment includes charges of major fraud, theft of government money, making false statements on sworn documents, and conspiracy to commit money laundering. The charges center on allegations that Armstrong improperly sought preferential treatment in federal contracting by using a pass-through business nominally owned by a service-disabled veteran, with the U.S. Attorney's Office contending those false claims helped the firm win nearly US$15 million in VA elevator work. Armstrong Elevator also appears to be the low bidder on VA elevator projects at several other locations across the country.
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