Schindler and Compañía de Servicios S.A. Plan a Share Purchase Agreement and Later Intended Merger in Colombia

23.12.2010

Schindler Elevator Americas and Compañía de Servicios S.A. have executed a Term Sheet for a Share Purchase Agreement and later an intended merger in Colombia.

Contacts

For media:
Nelly Keune
Chief Communications Officer
Tel. +41 41 445 30 60
corporate.communications@schindler.com

For investors & analysts:

Marco Knuchel
Head Investor Relations
Tel. +41 41 445 30 61
investor.relations@schindler.com

The transaction, the terms of which are confidential, will result in a strategic alliance combining Schindler’s global resources with the dominant Andino brand of Coservicios. The resulting entity, provisionally named "Schindler Andino", will have access to locally produced elevator equipment through a planned procurement agreement with Coservicios. The acquisition and intended merger, which is subject to approval by the local Colombian government authorities, will increase efficiencies and promote high-quality, competitively priced elevator service, modernization, installation, maintenance and distribution. An anti-trust filing with the Superintendence of Industry and Commerce was completed on November 23, 2010 and is still pending.

Further news will be released by the parties following final approval by the local authorities, and upon closing of the final acquisition and merger.


About Coservicios

Incorporated in 1965, Coservicios is located in the city of Medellín. It designs, manufactures, installs and maintains elevators and related products. The company sells and distributes products in Colombia and abroad. Identified with the brand “Andino”, it has manufactured vertical transportation products for the Columbian market since 1975.

About Schindler

The Schindler Group is a leading global mobility provider with more than 43,000 employees and a presence in over 140 countries. The company designs, manufactures, installs, services and modernizes elevator and escalator systems for almost every building type. Schindler supports sustainable urban development with safe, reliable and energy-efficient mobility solutions.