Bulletin
Investor Alert

New York Markets Open in:

press release

Dec. 9, 2020, 8:30 a.m. EST

Otis Celebrates Bestselling Gen2® Elevator - Over 1 Million Units Sold

Company marks 20th anniversary since product launch-- Continues digital evolution to enhance service and customer benefits-- Revolutionary flat-belt technology and space-saving design transformed the industry-- Recognized for reliability, energy-efficiency and a smooth, quiet ride

FARMINGTON, Conn., Dec. 9, 2020 /PRNewswire/ -- As Otis marks the 20th anniversary of its flagship Gen2 [®] elevator , it also celebrates a noteworthy milestone: surpassing 1 million units sold, making this revolutionary elevator its all-time bestselling system. Otis Worldwide Corporation /zigman2/quotes/217080227/composite OTIS +2.43% is the world's leading company for elevator and escalator manufacturing, installation and service.

"The Gen2 elevator has made a lasting impact on the global building industry and epitomizes the kind of game-changing innovation that defines Otis," said Robin Fiala, Vice President, Sales & Marketing, Otis. "Today, the Gen2 is an amazingly versatile family of products designed to meet customer needs in diverse market segments. We continue to evolve the Gen2 to meet the changing needs of our customers and passengers in the digital age."

Following its launch in 2000, the first units were installed in an apartment complex in Linz, Austria. Customers quickly embraced the Gen2's energy efficiency, ride quality and space-saving design. Sales reached 500,000 by 2016 and surpassed 1 million earlier this year.

Configurations are now available for a wide variety of applications, whether it's a residential or commercial building, mixed-use tower, retail setting, hotel, hospital, metro system or airport. Initially designed for low- and mid-rise buildings, the Gen2 elevator is also now available in many areas of the world for high-rise buildings up to 150 meters. There is even a model that can operate on battery power, which is useful for areas that sustain frequent power outages. The " Ambiance " collection of aesthetic options allows customers to design stylish cab interiors that complement the architecture of their buildings. 

Gen2 elevators can be found in some of the world's most iconic structures, including the Christ the Redeemer monument in Brazil, the Empire State Building in the United States, the Lotte World Tower in South Korea, and the Shanghai World Financial Center in China.

Compact design

Steel-reinforced polyurethane belts are the groundbreaking innovation that set the Gen2 elevator apart from other systems. By taking a conventional steel cable, unwinding the individual strands, laying them side by side and encasing them in polyurethane to create belts, Otis was able to dramatically reduce the size of the machine, eliminate the need for a machine room creating more usable space in the building, and provide a quieter, smoother ride for passengers.

Environmental sustainability

The Gen2 elevator showcases the company's commitment to sustainable technology. Its permanent-magnet synchronous motor reduced energy consumption by 50% when compared to the induction machine system it replaced. Otis increased energy efficiency even more by adding regenerative drive technology, which had previously been available only on high-rise systems. The ReGen [®] drive, combined with the Gen2 elevator's energy-efficient machine and other features like LED lighting, reduce overall energy consumption by 75% under normal operation compared with systems with non-regenerative drives.

Connected, touchless and purification technologies

The Gen2 elevator is available with the eView [®] streaming service, eCall [®] smartphone app and CompassPlus [®] destination management system to enhance the passenger experience. It's also compatible with purification products that help protect passengers' health and safety . Additionally, the Gen2 can be paired with Otis ONE [®]  to use the Internet of Things and enable proactive, predictive and connected service – in real-time.

These offerings usher the Gen2 into a digital-first era where it will continue to advance to meet customer and passenger needs. Click here  to watch how the Gen2 has stood as a symbol of innovation in buildings throughout the world.

About Otis

Built on a legacy of innovation, Otis was founded in 1853 after Elisha Otis invented the elevator safety brake, giving rise to the modern city, transforming how people live and work, and revolutionizing architecture itself. Today, we are the world's leading company for elevator and escalator manufacturing, installation and service. We move 2 billion people a day and maintain more than 2 million customer units worldwide, the industry's largest maintenance portfolio. We can be found in many of the world's most recognizable buildings, as well as the busiest transportation hubs and retail centers – we are everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. To learn more, visit  www.otis.com  and follow us on LinkedIn , Instagram , Facebook  and Twitter  @OtisElevatorCo.

Media Contact:
Ray Hernandez
+1-860-674-3029
Ray.Hernandez@otis.com

Cision
View original content: http://www.prnewswire.com/news-releases/otis-celebrates-bestselling-gen2-elevator--over-1-million-units-sold-301189416.html

SOURCE Otis Worldwide Corporation

COMTEX_375805931/2454/2020-12-09T08:30:13

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Copyright (C) 2020 PR Newswire. All rights reserved

/zigman2/quotes/217080227/composite
US : U.S.: NYSE
$ 67.00
+1.59 +2.43%
Volume: 3.21M
March 3, 2021 4:00p
P/E Ratio
32.15
Dividend Yield
1.19%
Market Cap
$28.37 billion
Rev. per Employee
$184,870
loading...

Comtex

Partner Center

Link to MarketWatch's Slice.