Joint venture restructured
SCHINDLER Holding and Jardine Pacific have restructured the equity make-up of their joint-venture lift and escalator business in the Asia-Pacific region.
On January 1, Jardine Schindler Holdings will be formed, with each party holding 50 per cent, replacing the current structure in which Schindler holds 40 per cent and Jardine 60 per cent. Schindler will have the option to increase its holding to a majority stake a later date.
The agreement also calls for Schindler and Jardine Pacific to acquire Jardine Schindler's 22 per cent stake in Suzhou Schindler Elevator Co.
Schindler's stake will climb to 55 per cent while Jardine Pacific will take a direct shareholding of eight per cent.