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AS Eesti Otis Acquires Service Business of Formet Lift Oü in Estonia

TALLINN, Estonia, Aug. 1, 2017 — AS Eesti Otis, part of Otis, the world’s largest manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways, announced today the acquisition of the local service business of Formet Lift Oü in Estonia. The transaction will give customers access to Otis expertise in service and maintenance and expand Otis’ capabilities in the region. Otis is a part of United Technologies Corp. (NYSE: UTX).

“This acquisition will increase our operational footprint, connecting us with new customers and increasing the number of units we maintain and repair,” said Sauli Mäntylä, managing director of Otis Finland and Baltic countries. “We believe this acquisition will result in great benefits for our new and existing customers, including the opportunity to discuss Otis solutions for new equipment and modernization products in building rejuvenation projects.”

Elevator maintenance employees currently working for Formet Lift will be incorporated into the AS Eesti Otis business unit. Terms of the transaction will not be disclosed. For more information about Otis, visit www.otis.com.

About Otis
Otis is the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. Founded more than 160 years ago by the inventor of the safety elevator, Otis offers products and services through its companies in more than 200 countries and territories. Otis is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. For more information, visit www.otis.com, or follow Otis on LinkedIn, YouTube and as @OtisElevatorCo on Twitter, Facebook and Instagram.