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News Article

Otis wins contract for landmark development in Seoul

Otis Elevator Company was awarded a contract from AIG Korean Real Estate Development YH to provide 125 elevators, escalators and moving walkways for International Finance Centre (IFC) Seoul in Korea. Otis is a unit of United Technologies Corp. (NYSE:UTX).

Otis will provide 125 elevators, escalators and moving walkways for IFC Seoul.“Otis is delighted to deliver the high-performance solutions needed for this innovative development, which will clearly be a lively destination for both business and leisure,” said Otis President Didier Michaud-Daniel.

IFC Seoul is located in Seoul’s financial district on the island of Yeouido. The 5.4-million-square-foot development features three office towers, a five-star hotel and a three-level luxury mall.

“We are proud that Otis products were selected to safely and efficiently transport the many people who will visit and work at this prestigious development,” said Brad Buckwalter, president, Otis Elevator Korea.

The contract is for 73 elevators, including six energy-efficient Gen2® systems, along with 38 escalators and 14 moving walkways. Otis’ environmentally friendly Gen2 systems are up to 50 percent more energy efficient than conventional systems and do not require any additional lubrication. Otis will begin installing equipment in 2010 and IFC Seoul is scheduled for completion in late 2011.

Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. With headquarters in Farmington, Connecticut, Otis employs 61,000 people, offers products and services in more than 200 countries and territories and maintains 1.6 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.