13.09.2016

Schindler Singapore Acquires Majority Stake in XJ Elevator Private Limited

Singapore, 13th Sep 2016 - Schindler Lifts (Singapore) Pte Ltd. today announced it has officially acquired 51% of XJ Elevator Private Limited - the exclusive distributor of XJ elevator equipment in Singapore, Asia-Pacific and the Middle East. The acquisition is a natural consequence of the earlier acquisition by Schindler Holding of a majority stake in XJ (Xuchang) Elevator Co. Ltd, now named XJ-Schindler.

Based in Henan Province, XJ-Schindler is a leading Chinese elevator and escalator company, with its own design, manufacturing, installation and maintenance operations.

Jujudhan Jena, Chief Executive of Jardine Schindler Group said the acquisition brings exciting new opportunities to Schindler's operations in Singapore and throughout the region. "Schindler has been growing its presence in Singapore since the 1970s, and we are thrilled to be able to expand our role in these strategic markets both locally and beyond," said Jujudhan Jena. "XJ Elevator Private Limited is an outstanding company with excellent products, expertise and people."

"Enlarging and enhancing our capabilities in Singapore is good news for our customers and employees, as we continue to produce the highest standards of mobility services with the utmost commitment to quality, sustainability and innovation. We are excited about this next chapter of our story," said Steven Foster, Managing Director of Schindler Lifts (Singapore) Pte Ltd.

Both parties agreed to keep the details of the transaction confidential.