FARMINGTON, Conn., Feb. 11, 2020 /PRNewswire/ -- Otis Worldwide
Corporation (Otis) today announces ahead of its pre-spin investor
and analyst meeting that it will be listed as "OTIS" on the New
York Stock Exchange (NYSE) upon the completion of its separation
from United Technologies Corp. (NYSE: UTX). The separation and
listing is targeted to occur early in the second quarter of
2020.
"Today's announcement represents a significant milestone as we
return to our roots as an independent, publicly traded company,"
said Otis President & CEO
Judy Marks. "Otis originally listed
on the NYSE 100 years ago and we will soon return to the Exchange
as the global leader in the industry that we first created."
With a deeply experienced global workforce, the scale and
density to meet customer needs, and the largest service portfolio
that provides recurring sales – Otis is well positioned for
long-term, sustainable growth.
Marks and members of the Otis senior leadership team will brief
the financial community on key growth initiatives and provide an
update on standalone financials in preparation for the intended
separation from United Technologies.
The pre-spin investor and analyst meeting, along with the
corresponding presentation, will be broadcast live at 9 a.m. EST at www.utc.com and archived on the
website shortly afterward.
For more on board members of the future independent Otis,
click here. Additional company fast facts can be found
here.
Otis is the world's leading manufacturer and maintainer of
people-moving products, including elevators, escalators and moving
walkways. Founded more than 165 years ago by the inventor of the
safety elevator, Otis offers products and services through its
companies in approximately 200 countries and territories.
For more information about Otis, visit www.otis.com. Follow Otis
on LinkedIn, YouTube and as @OtisElevatorCo on
Twitter, Facebook and Instagram.
Forward-Looking Statements
This communication contains statements which, to the extent they
are not statements of historical or present fact, constitute
"forward-looking statements" under the securities laws. From time
to time, oral or written forward-looking statements may also be
included in other information released to the public. These
forward-looking statements are intended to provide management's
current expectations or plans for Otis' future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements can be identified by the use
of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"confident" and other words of similar meaning in connection with a
discussion of future operating or financial performance or the
separation. Forward-looking statements may include, among other
things, statements relating to future sales, earnings, cash flow,
results of operations, uses of cash, share repurchases, tax rates
and other measures of financial performance or potential future
plans, strategies or transactions of Otis, Carrier or UTC following
UTC's separation into three independent public companies and/or
following completion of the Raytheon merger, the separation,
including the expected timing of completion of the separation and
estimated costs associated with the separation, the Raytheon
merger, including the expected timing of the completion of the
Raytheon merger, and other statements that are not historical
facts. All forward-looking statements involve risks, uncertainties
and other factors that may cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. For those statements, Otis claims the protection of the
safe harbor for forward-looking statements contained in the U.S.
Private Securities Litigation Reform Act of 1995. Such risks,
uncertainties and other factors include, without limitation: (1)
the effect of economic conditions in the industries and markets in
which Otis and UTC and their respective businesses operate in the
U.S. and globally and any changes therein, including financial
market conditions, fluctuations in commodity prices, interest rates
and foreign currency exchange rates, levels of end market demand in
construction, pandemic health issues, the impact of weather
conditions and natural disasters and the financial condition of
Otis' customers and suppliers; (2) challenges in the development,
production, delivery, support, performance and realization of the
anticipated benefits of advanced technologies and new products and
services; (3) future levels of indebtedness, including indebtedness
that may be incurred in connection with the separation, and capital
spending and research and development spending; (4) future
availability of credit and factors that may affect such
availability, including credit market conditions and Otis' capital
structure; (5) the timing and scope of future repurchases of Otis'
common stock, which may be suspended at any time due to various
factors, including market conditions and the level of other
investing activities and uses of cash; (6) delays and disruption in
delivery of materials and services from suppliers; (7) cost
reduction efforts and restructuring costs and savings and other
consequences thereof; (8) new business and investment
opportunities; (9) the anticipated benefits of moving away from
diversification and balance of operations across product lines,
regions and industries; (10) the outcome of legal proceedings,
investigations and other contingencies; (11) pension plan
assumptions and future contributions; (12) the impact of the
negotiation of collective bargaining agreements and labor disputes;
(13) the effect of changes in political conditions in the U.S. and
other countries in which Otis and UTC and their respective
businesses operate, including the effect of changes in U.S. trade
policies or the U.K.'s pending withdrawal from the EU, on general
market conditions, global trade policies and currency exchange
rates in the near term and beyond; (14) the effect of changes in
tax, environmental, regulatory (including among other things
import/export) and other laws and regulations in the U.S. and other
countries in which Otis and UTC and their respective businesses
operate; (15) the ability of Otis and UTC to retain and hire key
personnel; (16) the scope, nature, impact or timing of the
separation and other acquisition and divestiture activity,
including among other things integration of acquired businesses
into existing businesses and realization of synergies and
opportunities for growth and innovation and incurrence of related
costs; (17) the expected benefits and timing of the separation, and
the risk that conditions to the separation will not be satisfied
and/or that the separation will not be completed within the
expected time frame, on the expected terms or at all; (18) a
determination by the IRS and other tax authorities that the
distribution or certain related transactions should be treated as
taxable transactions; (19) the possibility that any consents or
approvals required in connection with the separation will not be
received or obtained within the expected time frame, on the
expected terms or at all; (20) expected financing transactions
undertaken in connection with the separation and risks associated
with the additional indebtedness; (21) the risk that dis-synergy
costs, costs of restructuring transactions and other costs incurred
in connection with the separation will exceed Otis' estimates; (22)
risks associated with the transactions contemplated by the Raytheon
merger agreement or the announcement or pendency of such
transactions, including disruptions to UTC's or Otis' operations
and the potential distraction of UTC or Otis management or
employees; (23) UTC's obligations pursuant to the Raytheon merger
agreement to consummate the Otis distribution and the Carrier
distribution in accordance with the terms and conditions of the
Raytheon merger agreement, including with respect to the timing of
the distributions and the requirement that UTC obtain Raytheon's
prior written consent to effect certain changes to the terms of the
separation or distributions, and the resulting limitations on UTC's
ability to determine or alter the structure or timing of the
internal restructuring, the separation and the distributions or the
terms and conditions of the separation agreement or ancillary
agreements; and (24) the impact of the separation on Otis' business
and the risk that the separation may be more difficult,
time-consuming or costly than expected, including the impact on
Otis' resources, systems, procedures and controls, diversion of
management's attention and the impact on relationships with
customers, suppliers, employees and other business counterparties.
There can be no assurance that the separation, distribution or any
other transaction described above will in fact be consummated in
the manner described or at all. The above list of factors is not
exhaustive or necessarily in order of importance. For additional
information on identifying factors that may cause actual results to
vary materially from those stated in forward-looking statements,
see Otis' registration statement on Form 10, the reports of UTC on
Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from
time to time. Any forward-looking statement speaks only as of the
date on which it is made, and Otis assumes no obligation to update
or revise such statement, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
Media Contact:
Katy Padgett
860-674-3047
Kathleen.Padgett@otis.com
IR Contact:
Stacy
Laszewski
860-676-5008
Stacy.Laszewski@otis.com
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SOURCE Otis