Otis Worldwide Corporation, an American vertical transport systems company, has announced the acquisition of Bay State Elevator to strengthen its operations in Northeast part of the United States of America.

Reportedly, the deal is inclusive of Bay State Elevator’s service offerings and operations in Connecticut, Massachusetts, and New York.

President of Otis Americas, Jim Cramer, stated that the acquisition will help expand the scale and density in Northeast region and would represent our goal to strategically augment growth of our service portfolio.

He also emphasized that the Bay State Elevator team is renowned in the industry and Otis is looking towards working with them to serve existing Bay State customers and offer them a wide range of Otis products.

President of Bay State Elevator, Buddy Potts, thanked all the devoted employees and customers and said that the company’s legacy will continue to grow under the care of Otis.

Otis is the global leader in manufacturing, installation, and maintenance of elevator and escalator. Its workforce strength currently stands at 69,000 people, comprising 40,000 field personnel, serving the varied needs of customers and passengers in over 200 countries and territories globally.

The recent acquisition will help the company enhance its massive maintenance portfolio of over 2M units.

Otis reported 9.6% decrease in net sales with organic sales slipping down by 6.5% in the second quarter of 2020. New equipment orders saw a decline of 6.8% with a backlog of 2% at constant currency. However, it recorded a free cash flow of USD 628 million, cite credible sources. 

Otis upcoming dividend payment will be USD 0.20 per share. Over the last 12 months, the company has paid a sum of USD 0.80 per share. Trusted records indicate that company has trailed a remuneration of 1.2% on the present share price of USD 64.07.

Sources:https://www.otis.com/corporate/newsroom/newsdetail/otis_acquires_bay_state_elevator_further_strengthens_presence_in_northeast_us.aspx#