Otis Korea To Acquire Schindler’s Business in South Korea

Otis announced on October 17 subsidiary Otis Elevator Korea has reached an agreement to acquire Schindler Elevator Co. Ltd. in South Korea. Completion of the transaction is subject to merger control review by the Korea Fair Trade Commission. The acquisition will complement Otis’ current customer coverage, portfolio and field execution capacity, enabling it to better serve customers, colleagues and other key stakeholders in South Korea. “Otis has proudly served Korea for decades, and this acquisition marks an important development for our business in South Korea,” Hemant Jolly, vice president of Corporate Development, Strategy and Modernization for Otis Asia-Pacific, said. “We look forward to welcoming new colleagues and customers.”