and operate under the name Cargotec Corporation. The Extraordinary Shareholders’ Meeting in December 2004 approved the Demerger Plan. The demerger was completed in June 2005. In September 2007, it was announced that Kone is proposing to lease several floors of a new riverfront tower to be built on Bass Street Landing, which is part of the Moline Riverfront. Also in 2007, it was announced Kone had received part of what was then the largest fine ever handed out by the EU Commission for local anti-competitive practices in the elevator and escalator markets in Belgium, Germany, Luxembourg, and the Netherlands relating to the time before mid-2004 (the commission stated that it could only prove its case back to 1995, though evidence allegedly suggested the abuse had started much earlier). Competitors ThyssenKrupp, Schindler Group, Otis Elevator Co. , and Mitsubishi Elevator Europe were also given similar fines. Kone has appealed against the size of the fine, currently 142 million EUR. In total, the industry received a 1 billion EUR fine for cartel activity across Belgium, Germany, Luxembourg, and the Netherlands. In 2007, Kone announced that they would stop the production of hydraulic elevators, replacing them with the EcoSpace MRL elevators, due to the hydraulic elevators' inefficient energy consumption, contamination concerns regarding the use of hydraulic oil and buried cylinders, and other environmental concerns. Therefore, Kone has become the first major brand elevator company to make only traction elevators. Alliances and acquisitions 1981 – Kone enters the United States market by acquiring Armor Elevator Co. 1985 – Kone acquires the Canadian division of Montgomery Elevator. 1989 - Kone acquires full ownership of Elevators Pty Ltd, operating in Australia and New Zealand. Kone had held a 10% stake since 1986. 1994 – Kone's ownership of Montgomery in Canada opens an alliance with Montgomery in the U.S. that led to the full acquisition of Montgomery altogether. After working with Montgomery to produce elevator and escalator products for 5 years, the company was fully integrated into Kone US. 1995 – An alliance was formed as Kone and MacGregor worked together to create elevators for handling passenger traffic on modern cruise ships. 1998 – Kone's alliance was initiated with Toshiba (now divided into Toshiba Elevator And Building Systems Corp.) of Japan. 2001 – Kone and Toshiba signed a historic agreement to exchange shares and extend Toshiba's license to market elevators based on Kone EcoDisc technology. 2002 –