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August 26, 2015

China's slowdown gives Otis Elevator that sinking feeling

  • The fall has been steep and embarrassing: Sales have fallen 7.5% in the first six months, and market share has gone from 25% to 15% in the last decade.
  • By STEPHEN SINGER
    AP Business Writer

    HARTFORD, Conn. — As China's economy has grown and skyscrapers have sprouted in cities extending ever westward from its coast, Otis Elevator Co. went along for the ride.

    But with China now in a slump and the value of its currency the most recent casualty, Otis and other manufacturing companies staking much on Asia's biggest economy now face a moment of reckoning. After saying for years that increased urbanization would propel growth in China, parent company United Technologies Corp., based in Hartford, cut its expected revenue and profit for the year, due partly to the slowdown across the Pacific.


     
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