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Otis elevators rethinks business in Russia over Ukraine war

FARMINGTON, Conn. (AP) — Elevator manufacturer Otis Worldwide Corp. is reevaluating its future in Russia amid the ongoing war in Ukraine.  Otis Chief Executive  Judith Marks spoke during an earnings conference call with industry analysts Monday. She says the company is disheartened by the escalation of the crisis and is evaluating the best ownership structure for the business, whether that’s with Otis or somewhere else. The company has said its operations in Russia represented approximately 2% of its 2021 revenue, based mostly on new equipment sales. In March, Otis announced it would not take new elevator and escalator orders in Russia and not make new investments in the country

Article Topic Follows: AP National Business

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