Press release: Schindler to establish a new joint venture

Schindler, a leading global elevator and escalator company present in China since the early 1980s, is to establish a new joint venture with Chinese elevator company, Volkslift Elevator (China) Co. Ltd. As part of the agreement, Schindler Group will initially acquire a 25% equity stake in Volkslift Elevator (China) Co. Ltd. with options to purchase the remaining shares. The agreement is subject to approval by the relevant authorities.

Volkslift Elevator (China) Co. Ltd., based in Zhejiang Province, is a local independent Chinese elevator and escalator company, with its own design, manufacturing, installation and maintenance operations.

China is the world's largest elevator and escalator market, accounting for more than half of all global new installations. The new joint venture will further accelerate Schindler's growth in this region by enhancing geographical and customer coverage in areas where Schindler has been less present to date. It is a further consistent step in the execution of Schindler's growth strategy.

Both parties agreed to keep the details of the transaction confidential.