Jardine Schindler Group has entered the Korean market following the acquisition of a majority interest in two related companies, Joong Ang Elevator Company Limited and Joong Ang Sanki Company Limited (collectively known as "Joong Ang").
Joong Ang was established in 1977 and is engaged in the manufacture, installation and maintenance of lifts and escalators. Joong Ang is a well established lift and escalator company in South Korea, with headquarters in Seoul and nationwide coverage through a network of 12 branch operations.
The acquisition adds a significant extension to Jardine Schindler Group's already strong regional position throughout Asia Pacific and will form an exceptional platform for introducing Schindler's world-renowned elevator and escalator technology leadership into one of the world's largest and most exciting markets.
Jardine Schindler Group is a 50/50 Joint Venture between Schindler Group of Switzerland and Jardine Matheson, with headquarters in Hong Kong. The company is the exclusive supplier of Schindler Group products and services to Hong Kong, Macao, Singapore, Malaysia, Taiwan, Korea, Thailand, the Philippines, Vietnam, Indonesia, Myanmar, Brunei, Cambodia and Laos, with over 2,500 employees region-wide.
The Jardine Matheson Group is an Asian-based conglomerate, employing some 130,000 people in the fields of engineering and construction, transportation, consumer marketing, motor trading, property, hotels, supermarkets and insurance broking.
Schindler Group of Switzerland, with over 40,000 employees, is the world's largest producer of escalators and moving walks and the second largest manufacturer of elevators. Every day, worldwide, more than 700 million people are transported using Schindler products.