Press release: Majority shareholding in XJ-Schindler approved

The Chinese authorities have approved the increase of Schindler's shareholding in XJ-Schindler (Xuchang) Elevator Co. Ltd from 46% to 51%. In 2011 Schindler established a joint venture with the Chinese elevator and escalator company and acquired a 46% stake. As communicated in the 2014 Interim Report, XJ-Schindler will be consolidated in the Group financial statements. This will result in an estimated revaluation gain of CHF 130 million after tax on the existing 46% stake.

XJ-Schindler, based in Henan Province, is a leading Chinese elevator and escalator company, with its own design, manufacturing, installation and maintenance operations. XJ-Schindler is expected to generate revenues of over CHF 300 million for the full year 2014.

About Schindler
Founded in Switzerland in 1874, the Schindler Group is a leading global provider of elevators, escalators and related services. Schindler mobility solutions move one billion people every day all over the world. Behind the company's success are over 49,000 employees in more than 100 countries.