NEWS: Change for Otis in the Philippines

NEWS:  Change for Otis in the Philippines

I have written and talked about the problem with the elevators.  Many know that I called Otis headquarters in Connecticut and spoke with them here.  After speaking with them and others, I could not get a full and complete answer as to what has been the entire history of our elevators.  But, I believe all parties have a part to play in this mess.  Of course, the blame always ends with the builder since they should have been watching and monitoring what was going on.  Now we read and hear words with work being done the results of which are two elevators still not working and an awful job on fixing the entrances.  This disgusting mess needs investigation.

Perhaps Concepcion can release all the records and give the entire part of this history from the company they now have a majority.  I would think that purchasing not only includes Assets but the Liabilities.  If there are problems, they need to disclose all they have so the path to the truth can be obtained.

Concepcion buys into Otis

By Doris C. Dumlao
Philippine Daily Inquirer

12:19 am | Friday, March 21st, 2014

Read more: http://business.inquirer.net/166598/concepcion-buys-into-otis#ixzz2xDsBCDy6

The Concepcion group is breaking into the elevator and escalator business with the acquisition of a majority stake in Otis E&M Co. Philippines, coming in as joint venture partner of American multinational conglomerate United Technologies Corp. (UTC).
In a disclosure to the Philippine Stock Exchange on Thursday, newly listed Concepcion Industrial Corp. (CIC) said its board had approved the formation of a joint venture with UTC through the acquisition of a majority stake in Otis E&M.
Otis is one of the leading providers of elevators and escalators in the country. It has been doing business locally since 1935, making it the country’s first elevator company.
The acquisition will be made through Concepcion Carrier Air Conditioning, in turn a joint venture between CIC and Carrier Air Conditioning Philippines.

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“The acquisition of Otis will strengthen CIC’s building and industrial solutions segment, creating added synergies and a new strategic growth platform aligned with a global trend and building solution trends,” the disclosure said.

CIC is the country’s leading airconditioning and refrigeration appliance manufacturer. It is also the local distributor of the products of Chinese manufacturing powerhouse GD Midea Holdings, the largest appliance company in the world.
The company debuted on the local stock exchange late last year after 50 years of operating as a family-owned corporation. CIC, which has been growing at a compounded annual growth rate of 13 percent in the last three years, is upbeat on its growth trajectory in the years ahead.
UTC, on the other hand, is a diversified company that provides a broad range of high-technology products and services to the global aerospace and building systems industries.
Otis elevators and escalators are part of its commercial businesses, which also include heating, ventilation, air conditioning, fire and security systems, building automation and controls.