Otis Korea Completes Acquisition of Schindler’s Business in Korea

Otis Elevator Korea (“Otis Korea”) has completed the acquisition of Schindler Elevator Company, Ltd. in Korea (the “Company”).

 The agreement announced in October has been completed, and the Company is now part of the Otis Group.

 “We’re excited to bring our global expertise to complement our local capabilities to even more customers across Korea.” said IS Cho, Senior Vice President & GM of Otis Korea.

“Otis has long been a trusted name in South Korea, and this milestone reflects our continued, deep commitment to the region. As our business expands, we look forward to connecting with our new colleagues and customers.” said Hemant Jolly, Vice President - Corporate Development, Strategy and Modernization - Asia Pacific.

About Otis

Otis is the world’s leading elevator and escalator manufacturing, installation and service company. We move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide, the industry’s largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.