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Schindler to Acquire Stake in Hyundai Elevator Co. Ltd.
27. March 2006
Press release
Schindler Holding Ltd. was given the opportunity to acquire from KCC Corp., Korea, a 25.5% stake in Hyundai Elevator Co. Ltd., South-Korea. The transaction is still subject to approval by various South-Korean authorities.
Hyundai Elevator Co. Ltd. is the second-largest elevator and escalator manufacturer in South-Korea and has numerous subsidiaries in Asian markets. In addition it holds various participations in other Hyundai companies.
Schindler buys the participation as a friendly shareholder and considers it a long term investment in the world's fourth-largest elevator market. Schindler intends to contribute positively with its technology to further profitable growth of Hyundai's elevator and escalator business.
Hyundai Elevator Co. Ltd.
Schindler Holding Ltd. was given the opportunity to acquire from KCC Corp., Korea, a 25.5% stake in Hyundai Elevator Co. Ltd., South-Korea. The transaction is still subject to approval by various South-Korean authorities.
Hyundai Elevator Co. Ltd. is the second-largest elevator and escalator manufacturer in South-Korea and has numerous subsidiaries in Asian markets. In addition it holds various participations in other Hyundai companies.
Schindler buys the participation as a friendly shareholder and considers it a long term investment in the world's fourth-largest elevator market. Schindler intends to contribute positively with its technology to further profitable growth of Hyundai's elevator and escalator business.
Hyundai Elevator Co. Ltd.
Hyundai Elevator Co. Ltd.'s operation manufactures, installs and services elevators, escalators, moving walks, automated parking systems, and material handling systems. It is the second-largest elevator company in South-Korea. Total sales in 2004 reached KRW 441 bn (CHF 578 million) and the number of employees is 1'200.
Schindler Group
Schindler Group
The Swiss-based Schindler Group is the world's largest escalator manufacturer and the second largest elevator company with a total turnover of CHF 8.9 bn (KRW 6'800 bn) in 2005. It employs to around 40'000 employees and has operationsin over 100 countries spanning all five continents. Schindler designs, installs, services and modernizes transport systems for almost every building type. Schindler equipment moves more than 700 million people per day worldwide. The shares of Schindler Holding Ltd. are traded on the SWX Swiss Exchange in Zurich. The Schindler and Bonnard families, together with parties related to these families, hold 69.3 % of the voting rights.
For more information please contact:
For more information please contact:
Barbara Zäch
Schindler Management AG
Investor Relations Manager Zugerstrasse 13 6030 Ebikon Tel. +41 41 445 30 61
Fax +41 41 445 31 44 | |
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