SEOUL, South Korea, June 13, 2017 — Otis Elevator Korea plans to build a research and development center and new production facilities in Songdo, Incheon, gearing up to further support Otis’ technological capabilities in Northeast Asia while also helping to revitalize Incheon’s local economy. Otis, the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators, and moving walkways, is a unit of United Technologies Corp. (NYSE: UTX).
Otis Elevator Korea signed a Memorandum of Understanding with the Incheon Metropolitan City and the Incheon Free Economic Zone Authority formalizing plans to invest in and build the R&D center and production facilities. Construction is scheduled to start in September with completion anticipated in 2018.
Spanning a total area of 15,600 square meters, the new R&D center and production facilities will be located in the High-tech Industrial Cluster (Section 4, Songdo-dong, Yeonsu-gu, Incheon, South Korea) of Songdo International Business District. The new facilities will be comprised of an R&D center, state-of-the-art production facilities, a parts supply center, a modernization system center, quality center as well as technical training and customer experience centers.
“This investment is an opportunity to take our product and service technology to the next level for the benefit of our customers,” said Philippe Delpech, president of Otis Elevator Company, who attended the signing ceremony. “South Korea’s excellent research and development competence and increased production capacity will play a vital role in Otis’ global business strategies for the future.”
“With the world now facing the dawn of a fourth industrial revolution, the elevator industry is also at a transformation crossroad. By building new infrastructure that supports the elevator industry not just for South Korea but for Northeast Asia, Otis is at the forefront of the change,” said IS Cho, vice president and managing director, Otis Elevator Korea. “We will re-establish and live up to our reputation as the powerhouse of the South Korean elevator industry.”
Otis aims to utilize the new Songdo R&D Center as the R&D hub for its Northeast Asia region, which includes South Korea, Japan, Taiwan, Hong Kong and Macau. It will be a leading site for developing technology innovations in Asia. The new hub will engage in technological exchange and collaboration with Otis’ global R&D center network and focus on the research and development of next-generation connected elevators using Internet of Things (IoT) technology to best serve customers and passengers while also increasing efficiency in elevator service.
After completion of the new facilities, Otis Elevator Korea will integrate its existing R&D and production organization, currently spread across Seoul, Incheon and Changwon, into one. Some features – the modernization system center and quality center – will also be moved from Otis Elevator Korea headquarters in Yeouido, Seoul to the new facilities.
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, or follow Otis on LinkedIn, YouTube and as @OtisElevatorCo on Twitter, Facebook and Instagram.