Otis Elevator Co. in the news

Otis, the world's largest elevator company, relies on its service business for over 90% of profits, despite recent stock underperformance due to AI-focused investors, a decline in its Chinese new installation market, and a dip in service margins, while facing consolidation in the industry.

Otis Worldwide is moving its headquarters to West Hartford in 2027, without affecting its Connecticut workforce or operations.

Molly Nuhring is appointed Senior Vice President, Human Resources - Americas at Otis Elevator Co., bringing extensive HR leadership experience to lead people strategy in the region.

Otis Brazil upgraded elevators and is installing new escalators and inclined elevators at Christ the Redeemer monument to improve visitor accessibility and performance.

Manufacturing and maintaining global elevator and escalator systems following its 2020 spinoff as a public corporation.

United Technologies merged with Raytheon to form RTX Corporation after spinning off Otis and Carrier as independent entities.

Ben Varey has been appointed as Associate Director, Global Fleet Category Management at Otis Elevator Co., based in the UK, after previously working at SGS.

Otis has purchased a majority stake in WeMaintain to enhance its elevator and escalator maintenance through digital monitoring technology.

Majority stake acquisition in WeMaintain boosts elevator service technology and IoT capabilities across international markets.

Otis has launched a new heavy-duty elevator range, Robust, specifically engineered for the demanding needs of multi-story data centers and other critical infrastructure.

Modernizing aging residential buildings and participating in government urban renewal projects to offset China's weak new construction sector.

TK Elevator has appointed former Husky Technologies CEO Brad Selleck as its new Chief Operating Officer to replace the retiring Vincent Della Valle.

Otis maintains global leadership in vertical transportation by leveraging its massive installed service base and digital IoT innovations to provide resilient, recurring revenue amidst a cooling Chinese construction market.

Growing urbanization and smart city developments are driving a global market surge in digitally connected, energy-efficient passenger and cargo elevators.

Otis Elevator Co. has secured $100 million in contracts for Beijing Olympics infrastructure, positioning itself for long-term growth in the Chinese market.

Expansion of a global youth STEM education program and new escalator modernization contracts in London highlight recent growth initiatives.

Otis created cloud-based digital APIs and Otis Integrated Dispatch to allow autonomous mobile robots to seamlessly integrate with their elevators, addressing a long-standing challenge.

Otis Worldwide sold its Bloomfield customer service and light manufacturing facility for $16.5 million and will lease the space back through 2027.

Vertical transportation leader Otis focuses on smart technology and maintenance services following its 2020 transition to an independent corporation.

A new multiyear partnership with ICARO Media Group will bring AI-driven content and digital advertising to 50,000 Otis elevator screens across Europe and Africa.