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Schindler Elevator Corporation Acquires Hontz Elevator Company.

MORRISTOWN, N.J. -- Schindler Elevator Corporation, one of the world's leading elevator and escalator manufacturers, completed the purchase of the Connecticut-based Hontz Elevator Company, Inc. The acquisition also includes Hontz Elevator of Florida, Inc. located in Orlando. The acquisition enables Schindler to expand its portfolio in the Northeast and Florida. The former Hontz locations will now operate under the name Hontz Elevator, a Schindler Company. The financial terms of the acquisition were not disclosed.

Hontz Elevator Company, a dominant independent elevator company operating in the Northeast and in North Florida focuses on elevator installation, modernization, service and repairs. The Hontz portfolio includes prestigious universities and colleges, airports, hotels, condominiums, office buildings, hospitals and private residences.

As part of Schindler, the new operation will gain the support and resources of a $7 billion global corporation with manufacturing, training, and research and development facilities placed strategically around the world.

"We at Schindler are very enthusiastic about this acquisition," said Scott L. Stadelman, president of Schindler Elevator Corporation's U.S. operations. "Our respective goals and philosophies are very complementary. Each company stands to gain a good deal from the other's particular strengths, with great prospects for future profitable growth and progress."

"We are excited about joining the Schindler family. The synergies of a combined operation will bring the highest quality service and satisfaction to customers," said Drue Hontz, Jr., founder of Hontz Elevator Company. "The fact that Schindler employs cutting-edge technology in their service delivery efforts and outstanding customer service were also great incentives for us."

About Hontz Elevator

Hontz Elevator designs, installs and services freight and passenger elevators, handicapped lifts, residential lifts, wheelchair lifts and dumbwaiters. Founded by Drue Hontz, Jr., the company operates in Connecticut, Florida, Massachusetts, New Hampshire, Rhode Island and Vermont.

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
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 14, 2005
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