Schindler Elevator Corporation Acquires Van-Tech Elevator Service, Inc.

    Canadian firm joins global company

    TORONTO, April 2 /CNW/ - Schindler Elevator Corporation, one of the
world's leading elevator and escalator manufacturers, completed the purchase
of the Toronto-based Van-Tech Elevator Service, Inc. The acquisition enables
Schindler to expand its portfolio in the Toronto market. The financial terms
of the acquisition were not disclosed.

    The former Van Tech Elevator Service, Inc., focused predominantly on
elevator service, repairs and modernization within Toronto and the surrounding

    "Schindler is very enthusiastic about this acquisition," said Jack Elias,
president of Schindler Elevator Corporation's Canadian operations. "We are
very happy to welcome the Van-Tech Elevator Service, Inc. customers into the
Schindler organization as we enter this exciting new chapter in our history.
Each company stands to gain a good deal from the other's particular strengths,
with great prospects for future profitable growth and progress."

    "This acquisition is part of Schindler's ongoing growth strategy
throughout North America," said John Impellizzeri, Schindler's Vice President
of Business Development.

    About Schindler Elevator Corporation

    Schindler Elevator Corporation manufactures, installs, services and
modernizes a broad range of elevators, escalators and moving walks for various
people-moving applications. The company is the North American operation of the
Swiss-based Schindler Group, the world's largest escalator manufacturer and
the second largest elevator manufacturer. For additional information about
Schindler Elevator Corporation, visit the company's Web site at

For further information:

For further information: Schindler Elevator Corporation Kathy Rucki,
973-397-6564 Manager, Corporate Communications Fax: 973-397-3619 or Jacqueline Winters, 973-397-6203 Corporate
Communications Specialist Fax: 973-397-3619

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