United Technologies to Buy ABM Unit
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United Technologies Corp., the biggest maker of elevators through its Otis unit, agreed to buy ABM Industries Inc.’s elevator-repair unit for about $112 million in cash to offer more maintenance services in North America.
The purchase of Anaheim-based Amtech Elevator Services is expected to close by Oct. 31, United Technologies said.
Otis, based in Farmington, Conn., got most of its $6.8 billion in revenue last year from outside North America, while almost all of Amtech Elevator’s sales were in the U.S. San Francisco-based ABM last month cut its profit forecast for the fiscal year, citing declining demand for services.
Shares of United Technologies fell $1.30 to $72.64 while ABM rose 38 cents to $15.98, both on the NYSE. The agreement was announced after the close of regular U.S. trading.
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