Farmington elevator manufacturing and maintenance company Otis Worldwide Corp. says it’s acquired a Massachusetts-based elevator company in an effort to expand its Northeast footprint.
Otis on Monday announced it closed on buying Bay State Elevator’s service portfolio and six offices in Agawam, Mass., Rocky Hill, Vermont and upstate New York.Â
Financial terms were not disclosed.
“With Otis, we know our team and customers are in good hands, and we are confident that legacy will continue to grow in the region we call home,” Bay State President Buddy Potts said in a statement.
According to its website, Bay State focuses on elevator installation, maintenance and modernization. The company’s elevators are located in universities, government buildings and malls across southern New England and New York. Bay State says it’s been steadily growing its operations since debuting in 1908.
Otis in recent weeks said it improved its sales outlook for the year despite posting an $84-million decline in profits in the second quarter, largely due to COVID-19 restrictions.
It also recently committed to increasing the number of women in its C-suite so that they represent half of the company’s executives by 2030.
