Schindler Elevator Americas and Compañía de Servicios S.A. have executed a Term Sheet for a Share Purchase Agreement and later an intended merger in Colombia.
The transaction, the terms of which are confidential, will result in a strategic alliance combining Schindler’s global resources with the dominant Andino brand of Coservicios. The resulting entity, provisionally named "Schindler Andino", will have access to locally produced elevator equipment through a planned procurement agreement with Coservicios. The acquisition and intended merger, which is subject to approval by the local Colombian government authorities, will increase efficiencies and promote high-quality, competitively priced elevator service, modernization, installation, maintenance and distribution. An anti-trust filing with the Superintendence of Industry and Commerce was completed on November 23, 2010 and is still pending.
Further news will be released by the parties following final approval by the local authorities, and upon closing of the final acquisition and merger.
Incorporated in 1965, Coservicios is located in the city of Medellín. It designs, manufactures, installs and maintains elevators and related products. The company sells and distributes products in Colombia and abroad. Identified with the brand “Andino”, it has manufactured vertical transportation products for the Columbian market since 1975.
The Schindler Group is a leading global mobility provider with more than 43,000 employees and a presence in over 140 countries. The company designs, manufactures, installs, services and modernizes elevator and escalator systems for almost every building type. Schindler supports sustainable urban development with safe, reliable and energy-efficient mobility solutions.