Schindler has agreed to sell its South Korean company to Otis

As a result of a strategic review to reallocate its capital and resources, Schindler Group decided to sell its South Korean business. Schindler Elevator Korea, originally established in 2003, operates throughout the Republic of Korea. The entity will be sold to Otis Elevator Korea. Completion of the transaction is subject to the merger control review by the Korea Fair Trade Commission.

"We would like to take this moment to express our heartfelt gratitude to our customers for their unwavering trust and support over the years. We also extend our deepest thanks to our dedicated employees for their tireless commitment. We are reassured knowing that both our valued customers and employees will be in the hands of a well-established company with a significant presence in the Republic of Korea," says Peter Schwarer, CEO of Schindler Elevator Korea.

Under the terms of the agreement, all existing customer contracts will be honored by the new owner. Likewise, the completion of the transaction does not affect the existing employment terms.