OTIS Raises Sales Target

OTIS Elevator, a subsidiary of U.S.-based multinational United Technologies, has revised upward this year’s sales target by 10 percent to 1.1 trillion won (about $1 billion) thanks to the weakening won against the greenback and impressive performances of its energy-efficient lifts abroad.``Recently, we have raised the 2008 sales target by 10 percent mainly driven by favorable won-dollar rates,’’ Bradley K. Buckwalter, chief executive of OTIS’ South Korean branch said at a press conference at the Lotte Hotel, Seoul, Monday. OTIS has a 40 percent share of the Korean market. ``Economic uncertainties such as rising material and oil prices pose a bigger threat to the company, however, we will face off such worries by pushing up intensified customer policies,’’ he said at the meeting on the occasion of his promotion to the top position.The ``Elevator Man’’ with 18 years of experience in the field has added that his company will put much emphasis on strengthening the safety of its elevators for larger buildings amid increasing elevator-related accident rates.Its Skyway double-deck elevator is highlighted with speeds up to 7 meters per second and Elevonic high-speed gearless elevators travel up to 8 meters per second.``We will provide high-quality products and specified after-installation-services to tackle the negative outlook for the global economy and the local construction sector, as well,’’ he said.OTIS has recently developed energy-efficient ReGen drives ― the result of a 20 billion won investment ― and set a goal to sell 10,000 systems this year. The drive draws energy from a fully loaded descending elevator or a lightly loaded ascending car and converts it to electricity.To develop its energy-saving elevators, OTIS is considering building a plant costing $16 million in China that will manufacture 12,500 elevators, annually.