Schindler Group has reached an agreement to sell its South Korean business, Schindler Elevator Korea, to Otis Elevator Korea. Established in 2003, Schindler Elevator Korea operates throughout the Republic of Korea. According to Schindler Elevator Korea CEO Peter Schwarer, all existing customer contracts will be honored by the new owner, and employment terms for staff will remain unchanged. Completion of the transaction is subject to merger control review.
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