Finland's Kone announced on Wednesday that it has acquired Orbitz Elevators in order to strengthen its activities in Australia and New Zealand.

The elevator and escalator manufacturer specifies that the scope of the transaction covers Orbitz's service activities in Australia, as well as all its business lines in New Zealand.

The Papua New Guinea subsidiary, on the other hand, is not affected by the transaction.

Founded in 2014, Orbitz Elevators specializes in the design of 'customized' elevators and escalators for both commercial and residential buildings.

The company currently employs around 40 people.

Financial terms of the buyout were not disclosed.

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