Otis Common Stock Begins Trading on New York Stock Exchange

Otis Worldwide Corporation has started listing its common stock trading on the New York Stock Exchange (NYSE) after successfully completing its separation from United Technologies. It returned to the Exchange as the leader in the ~$75 billion industry that it created. Otis is the world's leading company for elevator and escalator manufacturing, installation and service, said President & CEO Judy Marks, adding that this is a historic event for Otis as it moves forward as a strong stand-alone company. Throughout its 167 years in business, it has experienced all types of markets and historic events – and is confident that . it will endure and succeed despite current challenges. "Otis continues to be well-positioned for sustained, long-term growth as its business model brings recurring revenue even in times of economic headwinds,” she said. The company's leadership is supported by an unparalleled maintenance portfolio that provides recurring sales, best-in-class margins with expansion runway and robust free cash flow generation. Its business model is fueled by new equipment sales, maintenance & repair, and modernization projects. As units continue to get added to the industry's new equipment segment, the installed base grows, enabling even more service opportunities. The company operates in an industry with strong fundamentals, backed by macro trends such as urbanization, a growing middle class and digitalization. Its focus on strategic digital investments enable it to better serve its customers locally, deliver on its commitments worldwide and support its growth as cities expand.