HARTFORD, Conn. – Otis elevator, which rose with China's strengthening economy, now faces declining revenue as the world's second-largest economy slows.
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Parent company United Technologies Corp. has said for years that increasing urbanization in China will be key to growth in elevator sales and maintenance as high-rise buildings soar in China's cities.
But Otis, which is based in Farmington, also faces rising competition and shrinking market share in China.
Executives at Otis declined to comment for this article.
Otis was founded in 1853, installed its first elevator in Shanghai in 1900, has six factories that make elevators and escalators for markets in China and elsewhere, and operates engineering research and development centers in two Chinese cities.
Other manufacturers relying on construction also report a tougher reception in China.