FARMINGTON, Conn.--Aug. 15, 2003--Otis Elevator Company today completed the purchase of Amtech Elevator Services, enabling Otis to expand its elevator and escalator maintenance, repair and modernization portfolio in the United States. Otis is a subsidiary of United Technologies (NYSE:UTX).
Amtech, formerly a wholly owned subsidiary of San Francisco-based ABM Industries, is one of the largest independent elevator and escalator contractors in the United States, with 2002 sales of $113.9 million and operations in 21 states.
"Amtech represents an excellent growth opportunity for Otis," said Otis President Ari Bousbib. "We intend to capitalize on Amtech's presence and strong reputation in major markets across the country to grow our business."
Based in Anaheim, California, Amtech operates regional offices in many major metropolitan areas, including Atlanta, Chicago, Denver, Detroit, Houston, Las Vegas, Los Angeles, Philadelphia, Phoenix, Pittsburgh, San Diego, San Francisco and Washington, D.C.
"Otis employees have worked for a century and a half to serve our customers with state-of-the-art technology and standards of quality that are second to none," Bousbib added. "We look forward to extending that service and technology commitment to a new community of customers."
The Amtech portfolio includes an extensive list of customers, including universities, airports, hotels, casinos, condominiums, convention centers, office buildings, hospitals, manufacturing facilities and arenas.
Otis, with worldwide sales of $6.8 billion in 2002, is the leading global manufacturer and maintainer of people-moving products, including elevators, escalators, shuttle systems and moving walkways. Last month Otis was awarded a contract to install 32 elevators in 7 World Trade Center, the first building to be constructed as part of the redevelopment of Ground Zero in lower Manhattan. Otis was also recently awarded a contract to install 111 elevators and escalators for Grandview Mall in Guangzhou, China, a project that, when completed, will be the largest shopping mall in Asia.
Headquartered in Farmington, Conn., USA, Otis employs more than 60,000 people, offers products and services in more than 200 countries and territories and maintains more than 1.35 million elevators and escalators.
This release includes "forward-looking statements" that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated in this release include, among others, the inability to integrate successfully Amtech within Otis or to realize synergies from such integration within the time periods anticipated; changes in assumed economic conditions and levels of public and private infrastructure expenditure in Amtech's markets; and changes in local government regulations and policies in Amtech's markets. For information identifying additional economic, political, climatic, currency, regulatory, technological, competitive and important factors that could cause UTC's actual results to differ materially from those anticipated, see UTC's SEC filings as updated from time to time, including, but not limited to, the discussion included in the Business section of UTC's annual report on Form 10-K under the headings "General," "Description of Business by Segment" and "Other Matters Relating to the Corporation's Business as a Whole" and the information included in UTC's 10-K and 10-Q reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."
