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Article: OTIS PLANS TO BUY STAKE IN JAPANESE ELEVATOR MAKER: CEO.
- Article from:
- AsiaPulse News
- Article date:
- April 25, 2000
CopyrightCOPYRIGHT 2000 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, April 25 Asia Pulse - Otis Elevator Co., the world's largest elevator manufacturer, intends to expand its presence in Japan by acquiring a stake in or purchasing outright a domestic elevator maker, the company's president and CEO Stephen Page said Monday. The firm has not yet decided upon a potential target, however, nor has it entered into negotiations with anyone.
Otis Elevator, a wholly owned subsidiary of United Technologies Corp., is the market leader in both the U.S. and Europe. But the company ranks only fourth in Japan, with a 10% share.
Meeting with a group of foreign journalists, including those from The Nihon Keizai Shimbun, Page ...