Otis begins trading on the New York Stock Exchange

Otis Worldwide Corporation will begin its first day of “regular-way” common stock trading on the New York Stock Exchange (NYSE) today at market open after completing its separation from United Technologies.

Otis originally listed its common stock on the NYSE in April 1920. "This is a historic day for Otis as we move forward as a strong stand-alone company", said Judy Marks, Otis President & CEO. "We’re confident we will endure and succeed despite today’s current challenges". Otis continues to be well-positioned for sustained, long-term growth as our business model brings recurring revenue even in times of economic headwinds, stressed Marks.

Reported sales of $13.1 billion in 2019

Judy Marks, Otis President & CEO. Photo: © Otis

Otis reported sales of $13.1 billion in 2019. The company continues to monitor the evolving effect of COVID-19 on its operations and 2020 financial outlook. An update on the impact will be provided with first quarter earnings in early May.

As part of the separation, United Technologies shareholders of record as of 5 p.m. EDT on March 19, 2020, will receive a distribution of one-half (0.5) share of Otis common stock for each share of United Technologies common stock held. No fractional shares of Otis will be issued. UTX shareowners will receive cash in lieu of any fractional shares. UTX shareowners will also retain their shares of UTX common stock.

More information:www.otis.com