July 27 on the Otis website issued a statement which deals with the sale of business in a terrorist country.
“After carefully examining the global impacts and consequences of the crisis and humanitarian tragedy in Eastern Europe, given the supply chain and assembly disruptions, we have concluded that Otis' ownership of our business in Russia is no longer sustainable, so we have entered into an agreement. with Ice Development for the sale of 100% of our share," the message says.
Back in March, the elevator manufacturer stopped accepting orders for new equipment and investing in Russian business due to the full-scale invasion of Ukraine by the aggressor.
The sale is currently expected to close in the near future. By the way, Otis assets in the Russian Federation include a plant for the production of elevator equipment in St. Petersburg with a capacity of up to 7000 elevators per year and a service network.
"As before, we hope for the restoration of peace and stability in the region. We will continue to contribute to the current efforts to provide support and humanitarian assistance to Ukraine. The Russian business has been excluded from Otis' 2022 forecast, as stated in our first quarter 2022 earnings and loss report," the company said.
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