Connecticut Publication Highlights Otis Modernization Business

The Hartford Business Journal (HBJ) in Connecticut, where global vertical-transportation (VT) OEM Otis has its headquarters, on June 2 spotlighted its “important and growing” modernization business. HBJ visited Otis Worldwide’s Bristol test tower, where a vintage elevator machine installed by Otis in 1931 for NYC’s Empire State Building, is on display. The machine, which was replaced by a new one as part of a 2021 modernization project, symbolizes the rich promise held by modernization since every VT unit Otis sells can lead to years of revenue from servicing and, ultimately, modernization. The source observed that Otis currently maintains and services approximately 2.4 million VT units, accounting for 60% of its revenue and 90% of its profits. Further, Otis’ modernization arm is growing faster than service, with orders up approximately 18% in 2024.