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| Otis to invest in Colombia US-based Otis Elevator Company, the world's largest manufacturer and maintainer of people-moving products, announced the acquisition of its independent distributors – International Elevator Inc. (IEI) and Lucky Global Elevators S.A. (Lucky), both based in Bogota. The acquisition will allow Otis to focus on new equipment, maintenance, repair and modernization of elevators in the third most populated country in Latin America, which also has the fourth highest GDP in the region. The acquisition will also support the growth of the infrastructure and civil construction sector in Colombia, which is rapidly expanding. The acquisition price was not disclosed publicly. IEI has operated in Colombia as an independent and exclusive Otis distributor since 1987 with headquarters in Bogota and operational branches in all the major cities – Medellin, Cali, Barranquilla and Cartagena – with presence in about a dozen other municipalities. Lucky joined the Otis network in 2000, with headquarters in Bogota and offices in Medellin, Cali, Barranquilla and Bucaramanga in addition to a number of representatives across Colombia. Lucky is a national distributor of Otis' Sigma product line. write your comments about the article :: © 2013 Construction News :: home page |