Otis announced the sale of its business in Russia, the producer of elevators and hoisting equipment said in its press release.
"The agreement on the sale of our Russian business has been achieved; the transaction is expected to be closed shortly," the company said.
Russia’s S8 Capital will purchase the Otis business, the Russian Ministry of Industry and Trade said. Otis plants in Russia will resume operations and start accepting orders from August 1, the Ministry noted.
"This transaction is important not merely for the specific plant, but also for the entire industry. We managed to reach the format as a result of long talks, where the Russian site remains fully operable, production equipment and the technology remain, competencies and jobs are kept," the Ministry’s press service said, citing Deputy Prime Minister Denis Manturov.
