SWISS SCHINDLER BECOMES THE SOLE OWNER OF OMSAN

The Switzerland-based escalator, moving walkways, and elevator manufacturer Schindler will become the sole owner of the elevator company OM Elektrik Makine Sanayi (Omsan) now that the Competition Authority has approved the acquisition. Schindler plans to expand its operations in Turkey. The acquisition will be the second transaction made by Schindler in the country. The company will acquire Omsan through its Turkish subsidiary, Schindler Turkeli Asansor Sanayi AS. Schindler first entered Turkey in 1992 when it acquired the elevator company Turkeli Asansor. Since then, the company has operated in the country with 100% Swiss capital as Schindler Turkeli Asansor Sanayi AS. Founded in

1874, Schindler operates in more than 140 countries around the world. The company, which has a turnover of USD 10bn, employs 66,000 people. The firm has manufacturing plants in countries such as Brazil, China, Spain, India, and the U.S. Omsan, which was established in 1948, entered the elevator market in 1975. The company, which carries out its operations from its 7,500 square meter Gebze factory, employs 180 people.