GS E&C in Talks to Sell Stake in GS Elevator

GS E&C is considering unloading control of some of its subsidiaries following its KRW388 billion (US$287 million) operating loss in 2023 — its first annual operating loss in 10 years – due to having to rebuild an apartment complex where an underground parking garage collapsed after the company’s omission of rebar in multiple pillars, The Korea Times reports. The firm has entered into a procedure to sell its stake in GS Elevator. This is GS E&C’s wholly owned subsidiary, which was founded in 2021 and has factories in Asan, South Chungcheong Province and Vietnam. Last year, GS Elevator failed, once again, to turn a profit, posting KRW34.1 billion in (US$25.5 million) sales and an operating loss of KRW16.1 billion (US$12 million). Officials say they are in talks with multiple companies and have not yet decided whether to sell part of or the entire stake.

Get more of Elevator World. Sign up for our free e-newsletter.

Please enter a valid email address.
Something went wrong. Please check your entries and try again.

SDSU PARKING ELEVATORS OPERATING WITH EXPIRED PERMITS

SDSU Parking Elevators Operating With Expired Permits

Grone

NEII Congratulates Grone on Retirement

SCHINDLER REFLECTS ON 2025 CHALLENGES, REWARDS

Schindler Reflects on 2025 Challenges, Rewards

Techno International Airport; image courtesy of Otis

Otis Provides 118 Units for New Cambodia Airport

Kennedy

In Memoriam: John Lee Kennedy

The renovation features new escalators and more; image courtesy of Robins & Morton.

Huntsville Airport Renovation Includes Vertical Transportation

ALIMAK’S 3Q RESULTS SHOW “RESILIENCE IN A CHALLENGING MARKET”

Alimak’s 3Q Results Show “Resilience in a Challenging Market”

ROBUST SERVICE AND MODERNIZATION BUOY KONE IN 3Q

Robust Service and Modernization Buoy KONE in 3Q