Otis Elevator Company, the United Technologies Corp. (NYSE:UTX) unit which powered cities skyward and moves passengers up and down structures as diverse as the Eiffel Tower, the Empire State Building and the Kremlin, celebrates its 160th anniversary with the promise to harness the power of the sun.
Founder Elisha Otis sold his first elevator in 1853, after developing the safety brake designed so that, “if the rope breaks the platform cannot fall.” Over the past 100 years, Otis, a $12 billion unit of UTC, has provided elevators to eight of the ten World’s Tallest Buildings, including the Burj Khalifa in Dubai, and the Shanghai World Financial Center in China, as well as the iconic Empire State Building in New York City.
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