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SCHINDLER CEO: CONDITIONS RIPE FOR CHINESE TAKEOVERS
Schindler CEO Thomas Oetterli says that a Chinese market that continues to contract, forcing domestic elevator makers to drop prices, is setting the stage for Schindler and other major OEMs to increase their presence there through acquisitions, Reuters repors. Representing 60% of the world's new lift installations, the Chinese elevator market dropped 5% in 2015 and 7% in 2016. In 2017, a drop of up to 3% is projected. With little price difference between domestic and international companies, customers are more likely to go with the majors due to perceived better value. China has approximately 400 OEMs and thousands of maintenance companies, some vulnerable to acquisition. Schindler has already taken advantage of the situation, in 2014 increasing its stake in Chinese joint venture XJ Elevator Co. and in June of this year buying a 75% stake in Volkslift.
EW FOCUSES ON MID-ATLANTIC REGION
ELEVATOR WORLD’s March 2017 issue will focus on elevator companies and professionals in the Mid-Atlantic region, and include an in-depth look at the state of the industry in the region. States included are New York, New Jersey, Maryland, Delaware, Pennsylvania, Virginia and West Virginia, in addition to the District of Columbia. Bonus distribution will be to more than 22,000 professionally (digitally) and (in print) at the Elevator Conference of New York Supplier Showcase, the National Association of Elevator Contractors Spring Educational Conference, the International Association of Elevator Consultants Annual Forum and the top 500 design firms, building owners and managers, and developers in the region. The deadline for submissions is January 16. To participate or for more information, contact the EW Editorial Department at phone: (251) 479-4514, ext. 30 or email: editorial@elevatorworld.com. To advertise, contact ext. 38 or advertising@elevatorworld.com.
GROUNDBREAKING FOR NEW SAN FRANCISCO LANDMARK
San Francisco officials helped formally break ground on December 8 on Oceanwide Center, a major mixed-use development that will include the city’s second-tallest building at 910 ft. and 61 stories, CBS’ local affiliate reports. Built by Swinerton and Webcor and designed by Foster + Partners with Heller Manus Architects, Oceanwide will include the 61-story tower on First Street with more than 100 residences on the upper floors with offices below. A 625-ft.-tall, 54-story tower on Mission Street will house a Waldorf Astoria hotel, spa, bar and restaurant. Also planned is 26,000 sq. ft. of public space.
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Image courtesy of Schindler:
http://www.schindler.com/com/internet/en/about-schindler/corporate-governance/group-executive-committee/thomas-oetterli.html
