Elevator and escalator maker Schindler Holding AG (SCHN.EB) Thursday said it will build new factory in India to supply the local market with escalators.
- The factory, located near Pune, will produce escalators for the Indian market when production begins in early 2014.
- The multi-million euro plant is to be based on a new 160,000-metre sq site in the Chakan Industrial Estate outside Pune. The site, owned by Schindler, will also be home to an R&D center and an elevator factory.
- "The new plant will enable Schindler to provide escalators at more competitive conditions for the local market," said the company's Chief Executive Officer, Juergen Tinggren. Mr Tinggren added that India is of strategic importance for Schindler and the new investment reaffirms the company's long-term commitment to this growing market.
- Currently, Schindler supplies the Indian market with escalators from its production facilities in China and Europe.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; firstname.lastname@example.org
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