OTIS BECOMES INDEPENDENT, PUBLICLY TRADED COMPANY
Otis completed its separation from United Technologies Corp. (UTC) and began trading on the New York Stock Exchange the morning of April 3 as NYSE: OTIS. Otis says it is well-positioned for sustained, long-term growth due to urbanization, a growing middle class and digitization. In 2019, Otis reported sales of US$13.1 billion. Its service portfolio generates recurring sales and "robust" cashflow. As part of the separation, UTC shareholders received distribution of one-half share of OTIS common stock for each share of UTC common stock held. UTC shareowners will receive cash in lieu of any fractional shares, as no fractional shares of Otis will be issued. UTC shareowners will also retain their shares of UTC common stock.
Otis originally listed its common stock on the NYSE in April 1920, and Otis President and CEO Judy Marks called April 3, 2020, a “historic day” in the company’s history, continuing, “Throughout our 167 years in business, we have experienced all types of markets and historic events — and rose to respond. We're confident we will endure and succeed, despite today's current challenges. Our vast global footprint and focus on strategic digital investments enable us to better serve our customers locally, deliver on our commitments worldwide and support our growth as cities expand." The company continues to monitor the evolving effect of the coronavirus pandemic on its operations and 2020 financial outlook and plans to provide an update on the impact with first-quarter earnings in early May.