Recently, on October 17, 2025, Otis Worldwide announced that its South Korean subsidiary, Otis Elevator Korea, has reached an agreement to acquire Schindler Elevator Co., Ltd. in South Korea. The transaction is currently pending approval from the Korea Fair Trade Commission.
According to Otis, the acquisition of Schindler Elevator Korea will facilitate the expansion of its customer network, product portfolio, and service delivery capabilities, thereby enhancing its ability to serve customers, employees, and stakeholders in the South Korean market.
Hemant Jolly, Otis Vice President for Corporate Development, Strategy, and Modernization (Asia Pacific), stated: “Otis is proud to have served the South Korean market for decades, and this transaction marks a significant milestone in our operational expansion strategy here. We look forward to welcoming our new colleagues and customers upon the completion of the transaction.”
The predecessor of Schindler Korea was Jungang Elevator, established in 1977, and in 2003, the Schindler Group acquired full ownership of Jungang Elevator.
Regarding the move, Schindler Korea stated: “The Schindler Group conducted a strategic review to reallocate capital and resources, resulting in the decision to divest its business operations in South Korea. Schindler Elevator Co., Ltd., which has operated in South Korea since 2003, will be transferred to Otis Elevator Korea.”
Peter Schwaller, General Manager of Schindler Elevator Korea, shared: “We extend our sincere thanks to all customers who have placed their trust in us over the years, and express our deep gratitude to all employees for their tireless dedication. This transaction will enable our customers and employees to become part of a leading enterprise with a solid foundation in the South Korean market.”
Schindler confirmed that terms within existing customer contracts will remain intact, and employee rights and working conditions will not be affected by this transaction.
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