Schindler Elevator Corporation Awarded $5.2 Million Metro Contract in Valencia, Venezuela

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MORRISTOWN, N.J.--(BUSINESS WIRE)--March 20, 2003--Schindler Elevator Corporation, in conjunction with Ascensores Schindler, Venezuela, was recently awarded a $5.2 million elevator and escalator contract for the Valencia, Venezuela Metro project.
Schindler will supply 41 escalators and 18 elevators. The project will provide for much-needed public transportation in Valencia, Venezuela's third largest city, and will comprise seven stations when completed in 2004.
"We are pleased to play a significant role in the development of the Valencia Metro as it will be a vital means for allowing the populace, in one of the largest cities in Venezuela, to be able to move from place to place quickly and efficiently," said Deborah Nowakoski, Schindler Export Manager. "Our range of products and services will contribute considerably to the overall success of Valencia's public transportation system."
All escalators will be manufactured at Schindler's Clinton, N.C. plant. Elevadores Atlas Schindler SA, Brazil, will manufacture all elevators, and Schindler's operations in Caracas will be responsible for installing all units.
The general contractor for the project is Siemens Transportation Systems Inc. of Sacramento, Calf. and they will coordinate all efforts between US and foreign-based subcontractors.

About Schindler Elevator Corporation

Schindler Elevator Corporation designs, manufactures, installs, modernizes and services 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 www.us.schindler.com.


--30--KF/ny*

CONTACT: Schindler Elevator Corp., Morristown
         Kathy Rucki, 973/397-6564
         kathy_rucki@us.schindler.com
          or
         Gibbs & Soell Public Relations, New York
         Audra Hession
         ahession@gibbs-soell.com
          or
         Naomi Salad
         nsalad@gibbs-soell.com
         212/697-2600

KEYWORD: NEW JERSEY VENEZUELA BRAZIL INTERNATIONAL LATIN AMERICA
INDUSTRY KEYWORD: MANUFACTURING
SOURCE: Schindler Elevator Corporation