in Latin America
Bogota, Colombia (July 3, 2013) – Otis Elevator Company, a United Technologies Corp. (NYSE:UTX) company, announces today the acquisition of its independent distributors – International Elevator Inc. (IEI) and Lucky Global Elevators S.A. (Lucky), both based in Bogota.
The acquisition will allow Otis to focus on new equipment, maintenance, repair and modernization of elevators in the third most populated country in Latin America, which also has the fourth highest GDP in the region. The acquisition will also support the growth of the infrastructure and civil construction sector in Colombia, which is rapidly expanding. The acquisition price was not disclosed publicly.
"Otis is very pleased with this strategic acquisition, which is part of the company's long-term commitment to invest and expand its operations in the fast-growing Colombian market, now one of the most promising in Latin America," said Luis Molina, regional vice president of Otis Latin America. "IEI and Lucky have been Otis' strategic partners for years. As employees in our global organization, they now have direct access to Otis' innovative new equipment and service technologies and can deliver these enhanced solutions to our customers."
IEI has operated in Colombia as an independent and exclusive Otis distributor since 1987 with headquarters in Bogota and operational branches in all the major cities – Medellin, Cali, Barranquilla and Cartagena – with presence in about a dozen other municipalities. Lucky joined the Otis network in 2000, with headquarters in Bogota and offices in Medellin, Cali, Barranquilla and Bucaramanga in addition to a number of representatives across Colombia. Lucky is a national distributor of Otis' Sigma product line.
Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products including elevators, escalators and moving walkways. Founded 160 years ago, Otis employs 61,000 people, offers products and services in more than 200 countries and territories, and maintains over 1.8 million elevators and escalators worldwide. United Technologies Corp., is a diversified company providing high technology products and services to the civil construction and aerospace industries. The company's businesses include UTC Climate, Controls & Security, which includes Carrier; Pratt & Whitney; Sikorsky and UTC Aerospace Systems.