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Otis Worldwide Corporation (NYSE: OTIS) is a global leader in the manufacture, installation, and service of elevators, escalators, and moving walkways. For over 160 years, Otis has revolutionized the way people move through the urban landscape. The company is recognized for its innovation, quality, and reliability in vertical transportation solutions.
Otis holds the distinction of being the largest global elevator and escalator supplier by revenue, commanding an impressive 18% market share. The company’s product lifecycle includes the installation of elevator units in new buildings, providing maintenance services, and eventually replacing these units after their 15- to 20-year useful life. Otis maintains over 2 million elevators worldwide, the largest service portfolio in the industry.
Headquartered in Connecticut, USA, Otis employs a workforce of 71,000 people, including 42,000 field professionals, all dedicated to meeting the diverse needs of customers and passengers across more than 200 countries and territories.
Recent achievements include:
- Financial Performance: Otis reported full-year net sales of $14.2 billion with 5.6% organic growth. Adjusted earnings per share (EPS) increased by 11.7% to $3.54.
- Sustainability: Otis achieved Gold-level TRUE (Total Resource Use and Efficiency) zero waste certification for all five of its manufacturing facilities in China, underscoring its commitment to sustainability.
- Modernization Projects: Otis has been selected to modernize 34 elevators and 8 escalators in the Burj Khalifa, the world’s tallest building, ensuring the highest standards of safety and efficiency.
Financially, Otis continues to demonstrate robust performance with significant growth in both its New Equipment and Service segments. Recent investor updates highlighted a strong first quarter with net sales of $3.4 billion and organic growth of 3.8%. The company has raised its EPS outlook driven by operational performance and is increasing its share repurchase target to $1 billion for the year.
As part of its long-term strategy, Otis focuses on creating value through operational excellence, strategic investments, and a commitment to environmental, social, and governance (ESG) goals.
For more detailed updates and financial data, visit www.otis.com and follow Otis on LinkedIn, Instagram, and Facebook @OtisElevatorCo.
Otis Worldwide (NYSE: OTIS), a leader in elevator and escalator manufacturing and service, has been honored as a 'Noteworthy Company' by Fair360 for the fourth year in a row. This recognition, which began in 2021, highlights Otis' commitment to an inclusive and equitable workplace culture. The designation is based on survey responses from U.S. employers with at least 750 employees and evaluates Leadership Accountability, Human Capital Diversity Metrics, Talent Programs, Workforce Practices, Supplier Diversity, and Philanthropy. Alecia Smith, Otis Senior Director of Diversity, Equity & Inclusion, emphasized the importance of diverse voices in driving innovation and achieving business goals. This recognition coincides with Otis' 'We Are Many Voices Week,' celebrating global employee contributions. For more details on Otis' inclusive initiatives and awards, visit their website.
Four student teams from around the world are regional winners in Otis' Made to Move Communities student challenge where students developed innovative mobility solutions to expand access to green space in urban communities. Otis is the world's leading elevator and escalator manufacturing, installation, and service company. The global student challenge for 2023-24 included more than 240 students across 15 countries and territories. Winning teams proposed solutions such as a comprehensive redevelopment plan, a smart, green elevator, a smart cane for the visually impaired, and a wearable detector for navigating green spaces. Otis aims to support students in addressing mobility challenges and improving urban communities.
Four student teams from around the world are regional winners in Otis' Made to Move Communities student challenge, developing innovative mobility solutions for urban green spaces. Otis is the leading elevator and escalator company, sponsoring the challenge to enhance residents' wellbeing. Winning teams created reforestation plans, smart elevators, sensory feedback canes, and obstacle detectors for green space accessibility. Otis engages in ESG goals, impacting students globally through STEM training and volunteerism.
Otis Worldwide awarded scholarships to 160 female students at top Chinese universities in partnership with the CSCLF, a non-governmental organization. These students excel in STEM fields, inspiring diversity and innovation. Otis aims to support STEM education and talent development through scholarships and educational initiatives, aligning with their ESG goals.
Otis India, a subsidiary of Otis Worldwide (NYSE:OTIS), has launched a volunteer tree planting initiative in major cities across India. Colleagues have already planted 2,000 trees in Bengaluru and Kolkata, with plans for more in Mumbai and New Delhi. The effort aims to preserve biodiversity and support vibrant communities, in line with the company's global sustainability goals.
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