Nippon Otis Completes Acquisition of Schindler Service Business in Japan

Tokyo/Japan, Oct 3rd, 2016 — Nippon Otis Elevator Company (“Nippon Otis”) and Schindler Elevator K.K. (“Schindler Elevator”) today announced that Nippon Otis has completed the acquisition of the elevator and escalator service business of Schindler in Japan.

Schindler’s elevator and escalator business in Japan consisted of two companies, Schindler Elevator with approximately 380 employees and Mercury Ascensore Ltd. (“Mercury”), a multi-brand maintenance service provider with approximately 220 employees.

In this transaction, Nippon Otis has acquired all shares of Mercury and a new company which was formed by transferring the elevator and escalator service business, related employees and assets of Schindler Elevator. The new company, which will be named Otis Elevator Service Company (“OESC”), will be the exclusive, authorized Original Equipment Manufacturer (“OEM”) maintenance service provider of Schindler equipment in Japan and will have access to original OEM spares and solutions for continued maintenance and modernization for Schindler products in Japan.

Schindler Elevator will remain in Japan as an entity to meet its legal and societal obligations with respect to ongoing litigation and investigation and will take all necessary actions until they are resolved.

“We are pleased with the successful completion of this transaction, which enhances our commitment to Japan and Japanese society. We are proud to have the opportunity to extend our high-quality service and dedication to safety for the OESC and Mercury customers,” said Stephane de Montlivault, Otis Northeast Asia president, and president, Nippon Otis. “It is also my pleasure to welcome our new colleagues to our Otis family of more than 66,000 employees worldwide.”

“We are pleased to announce that we have successfully completed the smooth transfer of Schindler’s elevator and escalator service business in Japan to Nippon Otis,” said René Kunz, President, Schindler Elevator. “We are confident this will ensure that our customers continue to receive the best service, while providing new growth opportunities for our employees in Japan.”