OEC meaning in Business ?

Answer:

What is Otis Elevator Company mean?

Otis Worldwide Corporation (branded as the Otis Elevator Company, its former legal name) is an American company that develops, manufactures and markets elevators, escalators, moving walkways, and related equipment.

Based in Farmington, Connecticut, U.S, Otis is the world's largest manufacturer of vertical transportation systems, principally focusing on elevators, moving walkways, and escalators. The company pioneered the development of the "safety elevator", invented by Elisha Otis in 1852, which used a special mechanism to lock the elevator car in place should the hoisting ropes fail.

The Otis Elevator Company was acquired by United Technologies in 1976, but it was spun off as an independent company 44 years later in April 2020 as Otis Worldwide Corporation.

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