Otis Acquires Marshall Elevator

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FARMINGTON, Conn., July 26, 2011 /PRNewswire/ -- Otis Elevator Company, a unit of United Technologies Corp. (NYSE: UTX), announced today that it has acquired Pittsburgh-based Marshall Elevator company, the largest privately owned and operated full-service elevator company in Pennsylvania.  The terms of the acquisition were not disclosed.  Over the past two years, Otis has grown its service portfolio to over 1.7 million units worldwide, in part through more than 60 acquisitions.

With a business history in the U.S. dating back to 1818, Marshall Elevator is one of the nation's oldest continuously owned and operated elevator companies.  In fact, an original Marshall & Son sales ledger from 1847 documents the sale of early hoisting machines to various regional businesses.

"Otis is pleased to expand its global presence through a strategic acquisition effort," said Otis President Didier Michaud-Daniel.  "We are proud to welcome an organization with a heritage of innovation and customer focus and look forward to the contributions of our newest employees in the U.S."

This year alone, Otis has successfully completed 12 acquisitions including "RSU Number 3," a city-owned elevator service company in Saint Petersburg, Russia, and Servis Vyathu, based in the Czech Republic.  Since 2009, the majority of Otis' acquisitions have been Europe-based, with 20 percent based in the U.S. and ten percent based in Asia.  Last year, Otis' corporate parent, United Technologies, spent $2.8 billion on acquisitions.

"We will continue to acquire companies that fit with our organization, provide opportunities to further service our customers and deliver value to our stakeholders," noted Otis President Didier Michaud-Daniel.

Otis Elevator Company is the world's largest manufacturer and maintainer of elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 60,000 people, offers products and services in more than 200 countries and territories and maintains over 1.7 million elevators and escalators worldwide. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.

SOURCE Otis Elevator Company