Home Forums General Discussion INDUSTRY UPDATES Otis leaving Australia

Hi all.
i am hearing around the place and at elevatorshack that Otis is leaving Australia in 2026.
They have been here for over 100 years.
This would indeed be a shame.
Has anyone else heard this?

This will be the same rumour you put on another well known site,,have to say,,don't think any truth in this,,,,unless someone has told you?..

They are not!!! merging with Chubb and moving head office to Ashfield is the TOTAL extent of it.

Kiwi when is this happening and is it a take over or a merging to form a new company or just staying as is but the ownership has changed? This will be the second time this has happened with the acquisition of boral in 95'. This didn't really work as they have halved the number of units they got at the time.

This was United Technologies Corporation's ill-fated "UTC Building and Industrial Systems" aka BIS where they tried to bring Otis plus all the other commercial companies like Carrier and UTC Fire & Security under the BIS label. The idea was that there was some degree of synergy to be gained by offering a more one-stop-shop, primarily in the commercial building space. The formation of UTC BIS was announced in 2013, but by the end of 2016 Otis and Carrier were separated again with Carrier and its related businesses as UTC Climate, Controls and Security (UTC CCS).

In 2018 UTC announced their intentions to spin off Otis and CCS into Otis Worldwide and Carrier Global, and this was concluded in April 2020, with the remainder of UTC (which was all aerospace) merging with Raytheon to create Raytheon Technologies (stock ticker RTX)

As far as Otis Australia's operation, they now exist as a subsidiary of Otis Worldwide, with their headquarters offices on Level 23 of 363 George St in Sydney.

And, so far, no talk of them leaving Australia any time soon ...

Thank you for the information.