Schindler Holding AG has decided to sell its operations in Japan to Otis Japan. Through this transaction, Schindler has found a strong and reputable owner for its business in Japan with local employees retained as part of the new ownership structure. Schindler will however remain in Japan to meet its legal and societal obligations with respect to ongoing legal cases and will take all necessary actions until these are resolved.
Schindler has based this strategic decision on its historically small overall market share and its withdrawal from the new installation elevator market 10 years ago. This sale ensures long-term prospects for employees as well as continuing service for customers. The new owner’s long-standing local presence provides stability for the local business and maintains the technical expertise.
The completion of the transaction, which is expected to close later this year, is subject to customary closing conditions, including regulatory approvals in Japan. Both parties have agreed to keep terms and conditions of the transaction confidential.
A telephone conference for media and financial analysts will be held today, April 5, 2016, at 10:00 am CET.
Schindler will be represented by Alfred N. Schindler, Chairman of the Board of Directors. Also present will be Silvio Napoli and Jürgen Tinggren.
To participate in the conference call, please dial one of the following numbers: