The US-based Otis Elevator company announced that it has completed the purchase of 51 percent of United National Development Company (UNDC), Otis' agent and distributor in the United Arab Emirates (UAE) since 1975.
Under the agreement, Otis will have management control of the company, which will operate under the new name of Otis LLC, UAE. "The acquisition represents an additional opportunity for accelerated growth and further increases our presence in the Middle East market," said Mario Abajo, president for Otis' South Europe Area.
UNDC, with an employee base of 200 people and sales in 2001 of $13 million, has 2,000 units under maintenance. The company sells 200 units per year, with Dubai, one of the seven emirates that constitute the UAE, accounting for 120.
"This acquisition puts Otis in a more favorable position in the United Arab Emirates for new equipment sales and maintenance," said Mohamed Rasheed, managing director for Otis' UAE, Kuwait and Arabian Gulf operations.
Otis, a wholly owned subsidiary of United Technologies Corporation, is the world's largest company in the manufacture, sale, installation and service of people moving products including elevators, escalators, shuttle systems and moving walkways. Otis, with headquarters in Farmington, Connecticut, offers its products and services in more than 200 countries and territories and maintains more than 1.2 million elevators and escalators worldwide. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
