Otis Rolls Up $25 Million in Elevator, Escalator Contracts for Prestigious Projects in Australia

FARMINGTON, Conn.--(BUSINESS WIRE)--May 3, 2004--Otis in Australia today announced it has won contracts totaling more than US $25 million (AUD 35 million) to supply and install 33 elevators, including high-speed Elevonic(R) systems, in the KENS commercial office tower development project in Sydney and 26 elevators and escalators for the Brisbane Square office tower in Brisbane.

"With mid-single digit annual GDP growth and productivity improvement rates that have more than doubled over the last decade," said Otis President Ari Bousbib, "the Australian economy is one of the strongest performing in the world today. Otis has been in Australia for nearly 120 years. The selection of Otis technology for two of the country's most visible development projects demonstrates the continued vitality of our business in Australia."

Occupying an entire city block in Sydney's central business district, the KENS project was named for the initials of the four streets surrounding the block, Kent, Erskine, Napoleon and Sussex streets. The Otis equipment consists of 21 Elevonic 411 gearless high-speed passenger elevators; four geared elevators; seven machine-roomless belt-driven Gen2(TM) systems and one hydraulic elevator. The value of the contract is in excess of US $15 million (AUD 21 million).

In Brisbane, Otis Australia will install 18 high-speed gearless elevators, four Gen2 systems and four escalators in the Brisbane Square office building at North Quay on the Brisbane River. The contract value to Otis is greater than US $10 million (AUD 14 million).

The KENS project was awarded to Otis by Leighton Contractors Pty. Ltd., one of Australia's leading construction contractors and infrastructure developers. The KENS development, scheduled for completion at the end of 2005, is one of the last available complete city blocks in the Sydney business district.

"Leighton Contractors selected Otis because of its proven technology and the Otis team's good working relationship with Leighton Contractors," said Angelo Mavris, project manager, Leighton Contractors.

ABN AMRO, a leading international bank, is developing Brisbane Square, which will be tenanted by two major Queensland institutions, the Brisbane City Council and Suncorp, a financial services group. Baulderstone Hornibrook Pty. Ltd. is the design and construction contractor, with project management by the Clifton Coney Group. The project is scheduled for completion in December 2005.

Brisbane Square will have a 350-space car park beneath the building and an upper level gymnasium. The project will feature 55,000 square meters (591,800 square feet) of net rental area and retail space of 1,250 square meters (13,450 square feet).

Otis Elevator Company, a wholly owned subsidiary of United Technologies Corp. (NYSE:UTX), 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, Otis employs 60,000 people, offers products and services in more than 200 countries and territories and maintains more than 1.4 million elevators and escalators worldwide.