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Nippon Otis Announces Merger with Otis Elevator Service Company

TOKYO, Japan April 5, 2018— Nippon Otis Elevator Company has announced that it will merge with Otis Elevator Service, a fully owned subsidiary of Nippon Otis, on June 1, 2018. Nippon Otis will absorb OESC and remain as the surviving company. Nippon Otis is part of Otis, a unit of United Technologies Corp. (NYSE: UTX).

On Oct. 3, 2016, Nippon Otis acquired Schindler Elevator’s service business for Schindler elevators and escalators in Japan, and established OESC as a new subsidiary. As the only Schindler authorized service provider in Japan, OESC went on to provide the necessary genuine parts and solutions for the maintenance, repair, and refurbishment of Schindler products in the country.

The current merger will allow Nippon Otis and OESC to mutually utilize their individual strengths and resources, and enable them to provide safer, higher quality services and products to their customers by driving the digitalization of today’s services and products as an integrated team. The merger will also allow us to optimize management resource distribution to ensure thorough portfolio management, as well as to utilize the synergy of the two companies in aiming for further growth. Going forward, Nippon Otis will provide maintenance and repair services for Schindler products under a maintenance contract with OESC and provide genuine Schindler parts.

Guillaume Renaud, president, Nippon Otis said, “We are pleased that this merger will allow us to build a more robust organization, which will in turn enable us to provide better services and equipment to our customers and to all of our users in Japan. Since acquiring the business in October 2016, both of our companies have promoted our operations under the shared philosophy of providing safe, high quality products and services. By maximizing the resulting synergy from this merger, our 2,600 employees will work together to provide our customers and users with efficient, comfortable mobility that combines a high level of safety, comfort, and sustainability. ”

Mercury Ascensore Ltd. (Masaki Kurahashi, President, Head Offices: Kagoshima, Kagoshima, Japan), which also became a subsidiary of Nippon Otis on October 3, 2016, will continue its operations as an independent elevator and escalator service provider that can service elevators and escalators built by various manufacturers.

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 approximately 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.