Credit: Shutterstock photoOtis China - a unit of United Technologies Corp.UTX -- recently announced that it will be building a new elevator test tower in Shanghai. This test center will be a part of its new global research and development (R&D) facility.
The test center is expected to be approximately 270 meters in height and is likely to be the tallest test tower in the world upon completion. The much anticipated R&D facility is likely to be completed and functioning by the end of 2018.
This R&D center will support the progress of innovative use of elevators, delivering efficiency, industry-leading safety, comfort and convenience for passengers. The new tower is designed to help testing new evolving components and systems.
As a world leader in providing safe and innovative elevator technology, Otis strives to invest in innovation and technology for its next generation elevators and service.
Otis has provided its expertise in elevating iconic high-rise buildings across the globe, some of which include the 828-meter Burj Khalifa in Dubai, the 599-meter Ping'An Financial Center in Shenzhen, the 555-meter Lotte World Tower in Seoul, 553-meter CN Tower in Toronto and one of the seven wonders in the world, the renowned 324-meter high Eiffel Tower.
The company offers its services to over 200 countries and territories. Alongside, it maintains approximately 2 million elevators and escalators worldwide.
In another press release, Otis Elevator announced the introduction of its new SkyBuild self-climbing construction elevator. This state-of-the-art elevator will enable builders complete high-rise projects more efficiently while reducing costs.
This new SkyBuild elevator is a part of the SkyRise family. It is installed at the beginning of construction and moves along with every floor. It allows the movement of construction workers and tools quickly and safely without an external lift or exposure to weather. This elevator system is cost efficient and flexible.
United Technologies currently carries a Zacks Rank #3 (Hold). Some better ranked stocks in the industry worth a glance include Honeywell International Inc. HON , Carlisle Companies Inc. CSL and CLARCOR Inc. CLC . All carry a Zacks Rank #2 (Buy).
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
