Riyadh/Ebikon, 19 July 2011. Olayan Financing Company (OFC) has acquired from Schindler a minority stake of 10 percent (10%) in Saudi Elevator Company Ltd. The company will be renamed "Schindler Olayan Elevator Company Ltd." Both partners will be represented equally on the Board of Directors of the company. Both have agreed not to disclose further details about the transaction. Schindler is delighted to have found in the Olayan Group an internationally renowned partner with strong roots in the region.
In 2010, Schindler became the sole owner of Saudi Elevator, acquiring 80% of the shares to add to the 20% that it already owned. The acquisition strengthened the position of the Schindler Group in the Gulf region's largest market.
Founded in Switzerland in 1874, the Schindler Group is a leading global provider of elevators, escalators and related services. Schindler mobility solutions move one billion people every day all over the world. Behind the company's success are 43,000 employees in over 100 countries.
Founded in 1947, The Olayan Group is a private, multinational enterprise made up of over 40 companies and affiliated businesses. The Group has spent more than 60 years building its reputation, one transaction at a time, on the bedrock values of its founder, Suliman S. Olayan. Dedication, integrity, teamwork, and continual improvement underlie all that the Group undertakes.
Olayan engages in product distribution, manufacturing, services and investment, often alongside leading multinational and regional partners. Internationally, the Group is a committed institutional investor in public and private equities and in fixed income securities.
The Group’s Middle East operations are managed by Riyadh based Olayan Financing Company, which has extensive commercial, industrial, real-estate and investment interests in Saudi Arabia and elsewhere in the Middle East.