Otis Elevator Company pursues growth in Vietnam

Otis Elevator Company pursues growth in Vietnam

March 12, 2007

    FARMINGTON, Conn., March 12 /Xinhua-PRNewswire/ -- The
president of the world's largest elevator company met last
week with government officials and customers in Ho Chi Minh
City to explore market opportunities and to affirm Otis'
commitment to growing its operations in Vietnam. Otis
Elevator Company is a unit of United Technologies Corp.
(NYSE: UTX).

    "Vietnam has emerged as one of the most promising
markets for growth. As the oldest and largest elevator
company in the world, Otis possesses the global network of
knowledge and experience to satisfy the growing demands of
this market," said Otis President Ari Bousbib. "I
am pleased to affirm Otis Elevator Company's commitment to
expand and train our workforce, preserve natural resources
with `green' products and participate as good neighbors in
our local communities in Vietnam."

    During the weeklong trip, Bousbib and his senior
management team met with Le Hoang Quan, Chairman of the
People's Committee of Ho Chi Minh City, to exchange views
on Vietnam's growth, the government's economic plan and
Otis' commitment in Vietnam. The Otis executive team also
met with customers, local business leaders of
multi-national corporations and Otis employees, and toured
Otis installations and job sites.

    Otis installed its first elevator in Vietnam in 1929 at
the Presidential Palace in Hanoi and the country's first
moving walkway in 2006 at the Big C Thang Long Supermarket
in Hanoi. Earlier this month, four of Otis' flagship
Gen2(R) machine-roomless elevators were put into use at the
Phu My Hung residential tower in Ho Chi Minh City. As a
machine-roomless product, the Gen2 elevator saves space
because there is no need for a rooftop machine room, which
allows customers greater flexibility in the building design
phase. Otis' patented flat-belt drive technology on the Gen2
product line provides a quieter, smoother ride than
conventional elevators. The Gen2 system is also
environmentally friendly and energy efficient. Its
coated-steel belts and gearless machine do not require
lubrication, and its gearless, permanent-magnet machine
consumes uses half the energy of conventional geared
machines.

    Otis Elevator Company is the world's largest
manufacturer and maintainer of people-moving products
including elevators, escalators and moving walkways. With
headquarters in Farmington, Connecticut, Otis employs
61,000 people, offers products and services in more than
200 countries and territories and maintains 1.5 million
elevators and escalators worldwide. United Technologies
Corp., based in Hartford, Connecticut, is a diversified
company providing high technology products and services to
the building and aerospace industries.


    For more information, please contact:

     Tizz Weber, 
     Director of Communications 
     Otis Elevator Company
     Tel:   [phone]
     Email: [e-mail]