Issue #1 - Kone-TKE merger, mechanic wages & the new A17.1 code

COUNTERWEIGHT

The Elevator & Escalator Briefing

Welcome to the first issue of Counterweight. We've cast a slightly wider net this time to capture the biggest stories of recent weeks — going forward, each issue arrives every two weeks.

This launch issue spans the stories defining the industry right now: a potential industry-reshaping merger still working its way through regulators; a skilled-trades shortage straining one of the world's largest elevator makers; and a freshly published joint US-Canadian safety code that every practitioner should have on their radar.

A worker in protective gear supervises operations in a modern Ankara factory.

Thyssenkrupp in Line for Up to EUR 3.4 Billion Payday in Kone–TK Elevator Deal [Europe]

Finnish lift maker Kone has agreed to acquire TK Elevator (TKE) in a cash-and-stock transaction valued at EUR 29.4 billion (US$34.4 billion), which would create the world's largest lift maker. Thyssenkrupp, which holds a 16.2% stake in TKE, stands to receive up to EUR 3.4 billion (approximately US$4 billion) from the deal, according to estimates from Jefferies and JPMorgan — a sum representing nearly two-thirds of Thyssenkrupp's market capitalization. Under the deal terms, the proceeds would come as a mix of cash and newly issued Kone shares, leaving Thyssenkrupp with a minority stake in the combined entity. The deal is not yet closed; completion is not expected before the second quarter of 2027, and rival Schindler has signalled it will challenge the merger before antitrust authorities.

Focused technician using a drill on an electrical panel, showcasing expert workmanship.

Otis CEO Says She Can't Hire Elevator Mechanics Fast Enough as Wages Top US$150,000 [US]

Otis CEO Judy Marks, who oversees roughly 72,000 employees including approximately 45,000 mechanics, told Business Insider that demand for elevator mechanics is outpacing the company's ability to hire. According to Bureau of Labor Statistics data cited in the article, elevator and escalator installers and repairers earned an average US$109,820 in May 2025, with the 90th percentile reaching US$158,890 — the highest average salary among all construction and extraction occupations. The BLS also projects the occupation will grow 5% between 2024 and 2034, two percentage points above the average for all occupations. In the US, Otis mechanics are union-represented and can enter a four-year apprenticeship starting at age 18, with paid college tuition also available.

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A worker in a safety vest and helmet inspecting industrial machinery.

ASME A17.1-2025/CSA B44-2025: Updated Safety Code for Elevators and Escalators Now Published [North America]

The 2025 edition of ASME A17.1/CSA B44 — the joint US-Canadian safety code governing the design, construction, installation, operation, testing, inspection, maintenance, alteration, and repair of elevators, escalators, dumbwaiters, moving walks, and material lifts — has been published and is available to the public. As the twenty-fourth edition of ASME A17.1, key revisions include additional requirements for emergency responder radio coverage equipment, requirements regarding elastomeric buffers, and updated elevator seismic requirements. The code applies primarily to new installations and is structured in parts covering electric elevators, hydraulic elevators, special application elevators, escalators and moving walks, and dumbwaiters and material lifts.

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Emergency responders assisting a patient on a stretcher, highlighting teamwork and medical care.

Patient, Paramedics Trapped in West Vancouver Elevator Highlights Maintenance Urgency: Report [Canada]

A Technical Safety BC report released in early March 2026 details how three paramedics and a seriously ill patient were trapped for approximately 25 minutes in a malfunctioning elevator at an 18-storey West Vancouver apartment building on July 21, 2025. The elevator door derailed from its track after worn components failed under pressure when paramedics tried to hold the door open while loading a patient on a stretcher. Contributing factors identified in the report include worn door components not flagged during inspections, heavy use caused by the second elevator being offline for nearly two years, and the elevator operating in automatic rather than independent mode — a keyed setting that would have given paramedics direct control over the door. Firefighters ultimately used hydraulic tools to free the occupants.

Otis Launches Link MOD Suite for Commercial Escalator Modernization [Global]

Otis Worldwide Corporation (NYSE: OTIS) announced on May 19, 2026, the global launch of its Otis Link MOD suite of commercial escalator modernization solutions, designed to give building owners safer, smarter, and more efficient options for upgrading aging escalators. The suite includes multiple packages — Link MOD Prime, Link MOD Plus, Link MOD Pro, and a full replacement option — with the flagship Link MOD Pro delivering a complete modernization of critical components and aesthetics while retaining the existing truss structure. The packages feature a modular, factory-preassembled design intended to shorten project timelines and reduce on-site disruption. Otis cited that of more than 1 million escalators installed globally, nearly 20% are now in the modernization window.

World's Longest Outdoor Escalator Opens in China's Wushan County [China]

The 'Goddess' escalator system in Wushan County, Chongqing, China, opened to passengers on February 17, 2026, and is now recognized as the world's longest outdoor escalator. Stretching nearly 3,000 feet (approximately 905 metres), the system rises roughly 800 feet in elevation — equivalent to an 80-storey skyscraper — and comprises 21 individual escalators, 8 elevators, 4 moving walkways, and several pedestrian bridges. A full ride from bottom to top takes approximately 21 minutes. The system was manufactured by Swiss company Schindler, took four years to build, and cost US$23 million. During its current trial phase, the fare is 3 yuan (about US$0.40).

Norea Capital Takes Stake in Global Tardif, Quebec-Based Elevator Manufacturer [Canada]

Private equity firm Norea Capital has announced a new investment in Global Tardif (GT), an independent elevator manufacturer founded in 1984 and based in the Quebec City area that specializes in standard and custom-designed elevators. As part of the transition, Global Tardif is partnering with three operators: Carl-David Belley (appointed new CEO), Nicolas Giguère (Strategic Advisor), and Karl Lepage (existing management team member). The company has a notable project history that includes elevators installed at Montreal's Olympic Stadium, the Parliament Building in Ottawa, the Broadway Subway Project in Vancouver, AT&T Stadium in Dallas, and the Burj Khalifa in Dubai. No financial terms or deal value were disclosed in the article.