Farmington, Connecticut, USA and Hergiswil, Switzerland, June 18, 2014 – Otis Elevator Company, Schindler Holding AG and their affiliate companies are pleased to announce the settlement of lawsuits related to Otis’ patents on elevator belts and belted elevator systems. The agreement resolves the global litigation between the parties, including patent disputes in the United States, Europe and China. Under the agreement, Schindler will provide Otis appropriate consideration for a license to a suite of Otis patents for belt drive elevator systems.
This agreement underscores the significant and valuable innovation of belt drive technology to the elevator industry, and allows Otis and Schindler to focus on their core businesses. The specific terms of the agreement are confidential. However, the license cost will not materially affect Schindler's 2014 results.