Otis Singapore Wins Escalator Modernization Contract from SMRT Corporation Ltd

SINGAPORE, Feb. 3, 2016 — Otis Elevator Co (S) Pte Ltd (Otis Singapore) will fully refurbish and modernize 233 escalators at 42 train stations along the Singapore Mass Rapid Transit rail network’s North-South and East-West lines. Valued at U.S. $33.8 million (S$ 47.3 million), the project is scheduled to commence from the third quarter of 2016, with targeted completion in 2021. Otis is a unit of United Technologies Corp. (NYSE: UTX).

This project is the first refurbishment and modernization effort for escalators on the North-South and East-West lines. When completed, all 233 escalators will be upgraded with higher efficiency machines as well as new energy-saving controllers. These features allow the escalators to operate at different speeds and better cater to passenger traffic during different periods of the day.

“Otis has a long history of providing solutions to large-scale transportation and infrastructure projects across the world,” said Greg Nagle, Managing Director, Otis Singapore. “We are delighted that SMRT has chosen to work with us for this project. Our appointment is testament to the quality, reliability and safety of our products, affirming our position as the world’s leading manufacturer and service provider of elevators, escalators and moving walkways.”

About Otis
Otis is the world’s largest 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, and maintains more than 1.9 million elevators and escalators worldwide. Otis is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. For more information, visit www.otis.com.

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