Otis to Provide Elevators, Escalators For Landmark Projects in Burgeoning Markets of Russia and the Ukraine

FARMINGTON, Conn.--(BUSINESS WIRE)--Sept. 23, 2003--Otis Elevator Company, a division of United Technologies Corporation (NYSE:UTX), has been selected to provide the vertical transportation systems for The Peak, a prestigious shopping mall in the historic center of St. Petersburg, Russia. Otis was also selected to supply elevator systems for the renovation of Moscow's State Kremlin Palace. In addition to the contract awards in Russia, Otis will supply high-speed elevator systems and Gen2(TM) machine-roomless elevators for Elsburg Plaza, a 31-story office tower that will be the tallest building in Ukraine's capital city of Kiev. Otis President Ari Bousbib said, "These three major contract awards in Russia and the Ukraine reflect Otis' longstanding reputation for product and service excellence in both countries. We have been investing there for more than a decade and have captured a strong position in markets that, since 2000, have been growing steadily by more than five percent each year, even in the face of a worldwide economic slowdown." Elsburg Plaza in the Kiev business district will be 393.7 feet (120 meters) high and contain 322,800 square feet (30,000 square meters) of prime office and retail space. Work is to be completed in second half of 2004. "Elsburg Plaza promises to be the most important new building in this renaissance city," Bousbib said, "and we are proud to have our equipment selected for the project. It demonstrates the strength of the Otis brand in every corner of the globe." Earlier, Otis Russia won the contract to supply and install 14 escalators in Moscow's State Kremlin Palace. The escalators will replace the Soviet-era escalators installed when the Palace was built within the Kremlin complex between 1959 and 1961. The exchange of escalators is the first step in a Palace renovation. Otis' NextStep(TM) escalator, unveiled to the public in February, was selected last spring for St. Petersburg's The Peak shopping mall. Otis will supply and install 14 NextStep escalators, nine elevators and two moving walkways. The six-story trade center consists of a supermarket, retail shops, a cinema and restaurants. Otis first entered the Russian market at the end of the 19th century with the installation of Otis elevators in the Kremlin and the Winter Palace. Today, the wholly owned subsidiary of United Technologies Corporation represents one of Russia's largest foreign employers. Otis Elevator Company is the world's largest manufacturer and maintainer of people-moving products, including elevators, escalators, shuttle systems and moving walkways. With headquarters in Farmington, Connecticut, USA, Otis employs more than 60,000 people, offers products and services in more than 200 countries and territories and maintains more than 1.35 million elevators and escalators worldwide.