Otis Acquires Bay State Elevator, Further Strengthens Presence in Northeast U.S.
On August 17, 2020, Otis Worldwide Corporation (NYSE: OTIS) announced the acquisition of Bay State Elevator, which will enhance its service offerings in Massachusetts, Connecticut, Vermont, and upstate New York. This strategic move aims to solidify Otis's presence in the Northeast and accelerate its service portfolio growth. The acquisition is expected to provide existing Bay State customers access to Otis's comprehensive range of products and services.
- Acquisition expands Otis's scale and density in the Northeast region.
- Strengthens service portfolio and market presence.
- Bay State Elevator's reputation is expected to enhance customer relationships.
- Integration challenges may arise post-acquisition.
FARMINGTON, Conn., Aug. 17, 2020 /PRNewswire/ -- Otis Worldwide Corporation (NYSE: OTIS) has acquired Bay State Elevator, including its service portfolio and operations in Massachusetts, Connecticut, Vermont and upstate New York. Otis is the world's leading company for elevator and escalator manufacturing, installation and service.
"This acquisition expands our scale and density in the Northeast region and demonstrates our commitment to strategically accelerate service portfolio growth," said Jim Cramer, President, Otis Americas. "The Bay State Elevator team is well-respected within our industry, and we welcome them to Otis. We look forward to working together to serve existing Bay State customers and introducing them to our service offerings and comprehensive range of Otis products."
"We're proud of the legacy we were able to build with Bay State Elevator and would like to thank all of our dedicated employees and customers," said Buddy Potts, President, Bay State Elevator. "With Otis, we know our team and customers are in good hands, and we are confident that legacy will continue to grow in the region we call home."
To learn more about Otis products and services, visit www.otis.com.
About Otis
Built on a legacy of innovation, Otis was founded in 1853 after Elisha Otis invented the elevator safety brake, giving rise to the modern city, transforming how people live and work, and revolutionizing architecture itself. Today, we are the world's leading company for elevator and escalator manufacturing, installation and service. We move 2 billion people a day and maintain more than 2 million customer units worldwide, the industry's largest maintenance portfolio. We can be found in many of the world's most recognizable buildings, as well as the busiest transportation hubs and retail centers – we are everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.
This release includes "forward looking statements" concerning a transaction, its financial and business impact, the beliefs and objectives of each party with respect thereto, and current expectations for future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "expect," "plans," "strategy," "anticipate," "will," "confident" "target" and other words of similar meaning in connection with a discussion of future operating or financial performance. At this time, it remains uncertain what impact the transaction will have on our results of operations and financial condition. These forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to the ability of the company to implement anticipated business plans and achieve anticipated benefits. Other important economic, political, regulatory, legal, technological, competitive and other uncertainties are identified in filings submitted by Otis Worldwide Corporation to the U.S. Securities and Exchange Commission from time to time.
Media Contact:
Ray Hernandez
+1-860-674-3029
Ray.Hernandez@otis.com
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SOURCE Otis Worldwide Corporation
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