While the frontier of transportation may focus on long-distance travel, it is the short-distance travel that is at the foundation. When it comes to elevators, Otis Elevator Company has been manufacturing, installing, and maintaining elevators since 1853. Today, approximately 2.4 million Otis elevators and escalators are in operation worldwide. In 2010, the company generated $11.6 billion in revenue, with the majority coming from services, and nearly fourth-fifth coming from outside of the United States. Business outlook of Otis correlates directly with global economic outlook. In 2011, Otis estimated that over two-thirds of the expected new units will be installed in China. At the same time though, it is engaging in high-profile projects domestically as well; it won a contract last June to replace 68 original lifts in Empire State building, on top of a 10-year maintenance contract.
Otis Elevator Company is wholly owned by United Technologies Corporation (NYSE: UTX). Based in Hartford, CT, United Technologies Corporation registered over $58 billion in revenue in 2011 and over $75 billion in market cap presently. UTX provides "high technology products and services to the building systems and aerospace industries" and employs over 200,000 people worldwide. Annual revenue fell over 10% in 2009, but has been consistently increasing for each of the past two years. In terms of prices, UTX has not gained back the losses since last July, but has gained nearly 10% year-to-date, closing most recently at 83.97.
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