Otis and Schindler Announce Settlement and License Agreement

FARMINGTON, Conn. and HERGISWIL, Switzerland, June 18, 2014 /PRNewswire/ -- Otis Elevator Company, Schindler Holding AG and their affiliate companies are pleased to announce the settlement of lawsuits related to Otis' patents on elevator belts and belted elevator systems. The agreement resolves the global litigation between the parties, including patent disputes in the United States, Europe and China. Under the agreement, Schindler will provide Otis appropriate consideration for a license to a suite of Otis patents for belt drive elevator systems.

This agreement underscores the significant and valuable innovation of belt drive technology to the elevator industry, and allows Otis and Schindler to focus on their core businesses. The specific terms of the agreement are confidential.

About Otis

Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. Founded 161 years ago by the inventor of the safety elevator, Otis offers products and services in more than 200 countries and territories, and maintains more than 1.8 million elevators and escalators worldwide. Otis is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. For more information, visit www.otis.com or follow @OtisElevatorCo on Twitter.

SOURCE Otis Elevator Company