Richmond-based Virginia Elevator Company was bought by one of the world’s largest elevator manufacturers.
Kone, with global headquarters in Espoo, Finland, announced the acquisition Wednesday. The company has its U.S headquarters outside of Chicago, with branch offices in 37 states.
The newly acquired office will be the company’s first in Virginia. Terms of the deal were not disclosed.
“It’s a great company, with a great position in the local market,” said Jeff Eaton, director of acquisitions for Kone.
Eaton said the company had been in talks with Virginia Elevator for about six or seven months.
Bob Richmon, owner of Virginia Elevator, said that it was the right time to make a deal.
“Realistically when you look at being a small business today and look at where the future might be competing against global companies, you start to see where you might be a small fish in the ocean,” Richmon said.
“You can provide all the great customer service you like, but you get at a disadvantage when it comes to mass production and worldwide products that just aren’t available to you as an independent company.”
Virginia Elevator Company was started by his father, Sid Richmon, in 1954. Its current facility is located at 2110 Tomlynn Street in Henrico and services customers throughout most of the state. Richmon said the firm has about 1,500 customers in the Central Virginia area.
The company had 38 employees at the time of the acquisition, most of whom are staying on to work for Kone, Richmon said.
“Part of my negotiation is that I wouldn’t sell the company unless they assured me all of my employees would have equal jobs and equal pay,” said Richmon.
Richmon has committed to stay with the company for the next eight weeks to aid with the transition, after which he plans to retire. He’ll also continue to serve on a number of area construction boards.
As for the extra time he’ll have on his hands, Richmon’s got it figured out.
“I guess I’ll work on my honey-do list. Cars have always been a hobby, I like to restore sports cars and I got a couple projects to finish.”
Richmond-based Virginia Elevator Company was bought by one of the world’s largest elevator manufacturers.
Kone, with global headquarters in Espoo, Finland, announced the acquisition Wednesday. The company has its U.S headquarters outside of Chicago, with branch offices in 37 states.
The newly acquired office will be the company’s first in Virginia. Terms of the deal were not disclosed.
“It’s a great company, with a great position in the local market,” said Jeff Eaton, director of acquisitions for Kone.
Eaton said the company had been in talks with Virginia Elevator for about six or seven months.
Bob Richmon, owner of Virginia Elevator, said that it was the right time to make a deal.
“Realistically when you look at being a small business today and look at where the future might be competing against global companies, you start to see where you might be a small fish in the ocean,” Richmon said.
“You can provide all the great customer service you like, but you get at a disadvantage when it comes to mass production and worldwide products that just aren’t available to you as an independent company.”
Virginia Elevator Company was started by his father, Sid Richmon, in 1954. Its current facility is located at 2110 Tomlynn Street in Henrico and services customers throughout most of the state. Richmon said the firm has about 1,500 customers in the Central Virginia area.
The company had 38 employees at the time of the acquisition, most of whom are staying on to work for Kone, Richmon said.
“Part of my negotiation is that I wouldn’t sell the company unless they assured me all of my employees would have equal jobs and equal pay,” said Richmon.
Richmon has committed to stay with the company for the next eight weeks to aid with the transition, after which he plans to retire. He’ll also continue to serve on a number of area construction boards.
As for the extra time he’ll have on his hands, Richmon’s got it figured out.
“I guess I’ll work on my honey-do list. Cars have always been a hobby, I like to restore sports cars and I got a couple projects to finish.”
Congratulations, Bob. Best wishes for a fabulous retirement!
Bob, way to go ,you sure have worked hard over the years, maybe you can finish the car now !!
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