Schindler : Majority shareholding in XJ-Schindler approved
August 20, 2014 at 11:43 am EDT
Share
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.
Schindler Holding AG is a Switzerland-based holding company that specializes in the manufacture of escalators, elevators and moving walks. It operates globally within one main segment: Elevators and Escalators. The Elevators and Escalators segment provides a range of elevators for different applications, including freight and special elevators, high-rise elevators, residential elevators and commercial elevators. It also offers commercial and public transport escalators, as well as inclined and horizontal moving walks. It's affiliated company, ALSO Holding AG, which provided information and communications technology and consumer electronics in the wholesale and logistics sectors, was disposed during 2011 and merged with Actebis GmbH, forming ALSO-Actebis Holding AG. In June 2014, closed the real estate development project Mall of Switzerland (formerly EbiSquare) together with Halter AG and sold its stake in EbiSquare AG to Halter AG
SCHINDLER HOLDING AG 
