ONTARIO RELIABILITY ACT PASSED, BEING PUSHED
The Canadian Elevator Contractors Association (CECA) stated the Ontario government is working quickly to enact Bill 8 (formerly the Reliable Elevators Act) before its upcoming election on June 7. The bill would amend the Consumer Protection Act of 2002 to require elevator contractors to complete repairs in a narrow timeframe, regardless of contractual agreement. In the last two weeks, it has undergone a second reading and had the required question-and-debate time (approximately 13 hr.). It was unanimously passed on April 23 and now goes to committee. CECA representatives and members will meet with the committee, having an opportunity to speak for 5 min. on the bill with an additional question period to outline concerns and the bill’s unintended consequences.
ECS EXPANDS CHICAGO-AREA GLOBAL DISTRIBUTION HEADQUARTERS
ECS Corp. has expanded and relocated its global distribution headquarters to 2807 South 25th Avenue in Broadview, Illinois, less than 15 mi. from Chicago. The 22,000-sq.-ft. space will house elevator and escalator parts, ECS's will-call center, administrative staff and the senior management team. The manufacturing and assembly plant continues to operate in its current location at 2741 South 21st Avenue in Broadview. Rick Milefchik, ECS president and chief operating officer, said the new distribution headquarters will allow the company to “grow organically and better utilize existing space."
DEVELOPERS UNVEIL DESIGN FOR TAMPA'S FUTURE TALLEST
Developers have unveiled plans for Riverwalk Place, a mixed-use tower that, if built as planned, will be Tampa's tallest building, the Tampa Bay Times reports. The US$350-million shimmering glass tower will hold offices, retail space and about 240 condominiums within its 50-plus stories. Developers Feldman Equities of Tampa and Two Roads Development, based in South Florida, are establishing a sales office, and, if all goes as hoped, will begin construction in 2019. Completion of the tower is expected to take about three years. The designer is the Gensler architectural firm, the projects of which include Shanghai Tower, the second-tallest building in the world.
KONE INTERIM REPORT FULL OF PREDICTIONS
KONE has released its Interim Report for January-March. The outlook is based on KONE's maintenance base and order book, as well as the market outlook. The company notes earnings before interest and taxes (EBIT) of 10.5% of sales, impacted by a decrease in the margin of orders received in 2017, particularly in China, and higher raw-material prices. KONE estimates the latter reason is to impact its 2018 EBIT negatively by approximately EUR100 million (US$122 million), easing toward the end of the year as “pricing actions” and general productivity improvements take effect. New equipment business outside China and the service business are expected to continue to develop positively. In new equipment, the market in China is expected to decline slightly or be stable in units ordered, and competition is to remain intense. In the rest of the Asia-Pacific, the market is expected to grow, while the markets in North America and the Europe, Middle East and Africa region are expected to grow slightly. Maintenance markets are expected to see the strongest growth rate in the Asia-Pacific and to grow slightly in other regions.
DEVELOPER PLANS RESIDENTIAL HIGH RISE IN NEWARK
A developer hoping to capitalize on a trend toward high-rise residential buildings is planning a tower in Newark, New Jersey, Jersey Digs reports. The building, which would have 20-25 stories of residential space atop a six-story base, would be near the Prudential Center, Newark Penn Station and the planned Mulberry Commons Park. The plans are in a preliminary phase, and have yet to be presented to planners, the source reported. Anthony D'Agosta III of Inglese Architecture + Engineering noted, "Our developer is recognizing that the increased density is not slowing down."
