Schindler Group Announces Partnership with Olayan
The Olayan Group has acquired from the Schindler Group a minority stake of 10% in Saudi Elevator Company Ltd. The company will be renamed “Schindler Olayan Elevator Company Ltd.” Both partners will be represented equally on the board of directors of the company.
Schindler became the sole owner of Saudi Elevator in 2010, when it acquired 80% of the shares on top of the 20% stake it already owned.
Founded in Switzerland in 1874, the Schindler Group is a leading global provider of elevators, escalators and related services. Schindler mobility solutions move one billion people every day all over the world. The group employs 43,000 people in over 100 countries.
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