SCHINDLER

March 20, 2006 15:59 ET

Schindler Acquires HAR Elevator Services; Ottawa Firm Joins Global Company

MORRISTOWN, N.J.--(CCNMatthews - Mar 20, 2006) -

Schindler Elevator Corporation, one of the world's leading elevator and escalator manufacturers, has completed the purchase of HAR Elevator Services, an Ottawa, Ontario company. The acquisition enables Schindler to expand its portfolio in Canada. The financial terms of the acquisition were not disclosed.

The former HAR Elevator Services focused predominantly on elevator modernization, service and repairs within Ottawa and the surrounding region. Members of the HAR team are expected to join Schindler.

"Schindler is very enthusiastic about this acquisition," said Jack Elias, president of Schindler's Canadian operations. "We are very happy to welcome the HAR customers into the Schindler organization as we enter this exciting new chapter in our history."

"This acquisition is part of Schindler's ongoing growth strategy in North America," said John Impellizzeri, Schindler's vice president of Business Development and Group Assurance.

About Schindler

Schindler manufactures, installs, services and modernizes a broad range of elevators, escalators and moving walks for various people-moving applications in over 100 countries worldwide. Schindler Elevator Corporation is the North American operation of the Swiss-based Schindler Group, the world's largest escalator manufacturer and the second largest elevator company. For additional information about Schindler, visit the company's Web site at www.schindler.com.

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