Otis Worldwide Corp
Otis Worldwide Corporation is a leading global elevator and escalator manufacturing, installation, and service company. Its business includes designing, manufacturing, selling, and installing passenger and freight elevators, as well as escalators and moving walkways for residential, commercial, and infrastructure projects. The company operates in two segments: New Equipment and Service. The New Equipment segment includes the design, manufacture, sale, and installation of elevators and escalators, while the Service segment provides maintenance and repair services, as well as modernization services to upgrade elevators and escalators. Otis has a global presence with operations in over 200 countries and territories, and its international operations accounted for approximately 72% of its net sales in 2023. The company offers a range of elevator and escalator solutions, including Gen2, Gen3, Gen360, and SkyRise platforms. Its digital technology initiatives include Otis ONE, eView, Compass 360, and eCall Plus. Otis has a research and development budget of $144 million and 1,200 engineers globally, with a focus on digital initiatives, software, design, and the user interface and user experience. The company also has joint ventures and non-wholly owned subsidiaries in various countries, including China, where it operates through two principal joint ventures: Otis China and Otis Electric. The company competes in a global and highly competitive industry, with major competitors including KONE Oyj, Schindler Group, and TK Elevator. It operates in a regulated industry and is subject to various government regulations, including those related to environmental matters and trade. The company's business and operating results are generally not subject to significant fluctuations due to seasonality. Otis is committed to environmental, social, and governance (ESG) initiatives and has set goals in the areas of health & safety, environment & impact, people & communities, and governance & accountability. The company's workforce consists of 71,000 colleagues, with approximately 44% in Asia, 33% in Europe, the Middle East, and Africa, and 23% in the Americas. It offers various compensation programs, including base and overtime pay, short-term incentive bonuses, long-term incentive pay, retirement plan benefits, health care and insurance benefits, tuition assistance, paid leaves, and wellness and employee assistance programs. Otis is a Delaware corporation and was incorporated on March 1, 2019, in connection with the separation and distribution of Otis and Carrier Global Corporation from United Technologies Corporation. The company's website is <http://www.otis.com>, and its ticker symbol is OTIS on the New York Stock Exchange.