Farmington-based Otis Worldwide Corp. says it is not taking on any new business in Russia in response to the country’s invasion of Ukraine.
In a statement, the elevator and escalator manufacturer said it will not accept any new orders in Russia, or make any new investments there.
“We remain deeply concerned about the crisis unfolding in Ukraine,” the statement read. “The ensuing loss of life and the escalating refugee crisis are tragic. In light of these developments and the ongoing supply chain disruptions, we have reassessed our operations in Russia — approximately 2% of our 2021 revenue, based mostly on new equipment sales. As a result, we are not taking new elevator and escalator orders and will make no new investments in the country for the time being.”
Otis officials said the company would continue to fulfill existing agreements and provide essential equipment maintenance services “while remaining in full compliance with all sanctions.”
A number of high-profile U.S. and European multinationals have exited Russia or suspended operations there in response to the invasion of Ukraine, which escalated into a new, more violent phase late last month. According to The New York Times, companies such as Adidas, BP, Citigroup, Deutsche Bank, McDonald’s, PepsiCo, Shell, Starbucks and Unilever, among dozens of others, have closed down locations, withdrawn investments and scrapped potential projects and joint ventures with Russian firms.
Otis also said it is making contributions to Global Giving’s Ukraine Crisis Relief Fund and the United Nations Refugee Agency and, where available, matching employees’ financial contributions.
