Farmington-based Otis’ recent first quarter results were boosted by continued growth in its service segment.
Otis Elevator has launched a new suite of upgrade and maintenance packages for installed escalators, part of the company’s increasing pivot toward its service arm as a revenue driver.
Farmington-based Otis’ recent first quarter results were boosted by continued growth in its service segment, particularly in maintenance and repair, which offset weakness in new equipment sales.
The company said in its earnings release that the backlog of orders for its modernization business for both elevators and escalators was up 30%.
Otis CEO Judy Marks has also recently said that one of the company’s fastest growing roles is that of mechanic. Otis employs 45,000 service mechanics, up 12.5% in the last five years.
The company estimates that of the more than 1 million escalators installed globally, predominantly in commercial premises, nearly 20% are in what the company calls the modernization window, requiring updates to update safety, meet usage demands or improve performance.
The just-launched Otis Link MOD suite of modernization offerings retains the existing truss —the escalator’s structural backbone — while changing out components and aesthetic features. The company is offering four different levels of upgrade.
