Otis Elevator - a unit of
United Technologies Corp.
UTX
- was recently awarded a contract to provide its services for a
state-of-the-art building, Beirut Terraces, in Lebanon. Per the
contract, Otis Elevator Company s.a.l., the regional distributor,
is likely to install a total of 10 elevators in Beirut Terraces,
which will include 8 custom-designed elevators, 1 panoramic Gen2
elevator and 1 service elevator.
Beirut Terraces is expected to outline the city's future by
stimulating the indoor-outdoor living experience through the
introduction of its first vertical village concept. Otis will be a
part of this unique development, marking a prestigious project for
this elevator company.
The elevators which will be fitted in Beirut Terraces are
expected to travel at speeds of up to 4 meters per second with 33
stops. In addition, these elevators have been custom designed with
reflective surfaces to have a more appealing look. The company's
latest Gen2 elevator will also be installed in the building, which
will include steel flat belts replacing traditional elevator
cables. This new replacement will help improve efficiency and
provide comfort to passengers. The Gen2 elevator's compact gearless
machine requires minimal machine room space, allowing for rapid
installation. The Gen2 has an innovative ReGen regenerative drive,
which captures energy created by the elevator, and feeds the energy
back into a building's electrical grid. As a result, the Gen2
elevator is up to 75% more energy efficient than conventional
systems with non-regenerative drives.
Beirut Terraces is developed by Benchmark, a leader in the
development, management and investment of the Middle East real
estate market. However, the building is designed by Swiss
architects Herzog and de Meuron. This is a unique residential
building, located in the Beirut Central District, which is the most
high-end residential area in Lebanon.
Otis is a leading provider of elevator and escalator services.
The company offers its services to over 200 countries and
territories. Alongside, it maintains more that 1.9 million
elevators and escalators worldwide. With a constant focus on
innovation and expansion, Otis is likely to procure more such prime
contracts in the near future.
United Technologies, the parent company of Otis, currently
carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the
same space include WageWorks, Inc.
WAGE
, Honeywell International Inc.
HON
and Koninklijke KPN N.V.
KKPNF
. All three stocks carry a Zacks Rank #2 (Buy).
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HONEYWELL INTL (HON): Free Stock Analysis
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UTD TECHS CORP (UTX): Free Stock Analysis
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