Autech Group takes over parking system business of Otis Elevator Korea at $13 mn

South Korea’s Autech Group Corp. with businesses ranging from special-purpose vechies to air conditioners and touch screens took over the parking system business of Otis Elevator Korea Co., Korean unit of Otis Elevator Co., at 15 billion won ($13 million), reinforcing its partership with U.S-based United Technologies Corp. (UTC).

Otis Elevator Korea is a manufacturer of elevators, escalators, moving walks and parking systems, and it was set up by Otis Elevator, an elevator unit of UTC, in 2000. Otis Elevator Korea spun off the parking system business to set up limited liability company Otis Service. Autech Group bought a 80.1 percent stake in Otis Service. The Korean compnay paid 15 billion won to buy the stake and new shares.

Otis Service is Korea’s top parking system operator that records 40 billion won ($34 million) in annual sales by offering automatic parking facilities of buildings and maintenance services.

With Autech Group acquiring the parking system business, it reaffirmed business partnership with UTC. Autech Group took over the air-conditioning and refrigerator operations from Carrier, a unit of UTC, in January and September in 2011, respectively.

Autech Group plans to change a corporate name of Otis Service to Autech-Otis Parking System in April.

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