The Chinese authorities have approved the increase of Schindler’s shareholding in XJ-Schindler (Xuchang) Elevator Co. Ltd from 46% to 51%. In 2011 Schindler established a joint venture with the Chinese elevator and escalator company and acquired a 46% stake. As communicated in the 2014 Interim Report, XJ-Schindler will be consolidated in the Group financial statements. This will result in an estimated revaluation gain of CHF 130 million after tax on the existing 46% stake.
XJ-Schindler, based in Henan Province, is a leading Chinese elevator and escalator company, with its own design, manufacturing, installation and maintenance operations. XJ-Schindler is expected to generate revenues of over CHF 300 million for the full year 2014.