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Otis to take over Schindler's Japanese elevator business

TOKYO -- The local unit of major U.S. elevator maker Otis Elevator said Tuesday it will acquire a Swiss rival's elevator service operations in Japan.

     Schindler Elevator will sell its elevator maintenance, repair and other service operations in the country to Nippon Otis Elevator for an undisclosed sum. The Japanese subsidiary of Switzerland-based Schindler Group also plans to liquidate its escalator business and exit Japan. The two local units will set up a new company and transfer their elevator service businesses and employees. 

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