Otis Korea to Acquire Schindler’s Business in Korea

Otis Elevator Korea (“Otis Korea”) has reached an agreement to acquire Schindler Elevator Company, Ltd. in Korea. Completion of the transaction is subject to merger control review by the Korea Fair Trade Commission. Otis Korea is a subsidiary of Otis Worldwide Corporation (NYSE: OTIS).

The acquisition of Schindler Elevator Company, Ltd. (Korea) will complement Otis’ current customer coverage, portfolio and field execution capacity enabling Otis to better serve customers, colleagues and other key stakeholders in Korea.

"Otis has proudly served Korea for decades, and this acquisition marks an important development for our business in South Korea,” said Hemant Jolly, Vice President - Corporate Development, Strategy and Modernization - Asia Pacific. “We look forward to welcoming new colleagues and customers at closing. This expansion strengthens our ability to serve customers with greater reach and responsiveness, while reinforcing our dedication to safety, quality, and innovation. We’re excited to bring our global expertise to complement our local capabilities to even more customers across Korea.”

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, Instagram, and Facebook @OtisElevatorCo.