OTIS' Taiwan Subsidiary Acquires Jardine Schindler Lifts in Taiwan

Group 1: Acquisition and Market Position - Otis Worldwide Corporation's Taiwan subsidiary has acquired Jardine Schindler Lifts Limited (Taiwan), enhancing its market position and operational capacity in Taiwan [1] - This strategic transaction is seen as a milestone for Otis, allowing better service to the region and its customers [2] Group 2: Growth Initiatives - Otis is pursuing both inorganic and organic growth strategies, with a strong focus on innovation as a primary organic growth strategy [3] - The company invested $144 million in R&D in 2023 and $75 million in the first half of 2024, reflecting a year-over-year increase of 5.6% [4] - As of the end of 2023, Otis operates 11 R&D centers and 17 factories globally, with approximately 1,200 engineers dedicated to digital initiatives and product development [5] Group 3: Stock Performance - Otis shares have gained 2.5% year-to-date, underperforming the Zacks Building Products - Miscellaneous industry's growth of 9.2% [6] - The company aims to continue innovating and expanding its digital ecosystem while pursuing inorganic initiatives to enhance future prospects [6]