United Technologies' Otis Elevators For Beirut Terraces

Otis Elevator – a unit of United Technologies Corp. (NYSE:UTX) – was recently awarded a contract to provide its services for a state-of-the-art building, Beirut Terraces, in Lebanon. Per the contract, Otis Elevator Company s.a.l., the regional distributor, is likely to install a total of 10 elevators in Beirut Terraces, which will include 8 custom-designed elevators, 1 panoramic Gen2 elevator and 1 service elevator.

Beirut Terraces is expected to outline the city's future by stimulating the indoor-outdoor living experience through the introduction of its first vertical village concept. Otis will be a part of this unique development, marking a prestigious project for this elevator company.

The elevators which will be fitted in Beirut Terraces are expected to travel at speeds of up to 4 meters per second with 33 stops. In addition, these elevators have been custom designed with reflective surfaces to have a more appealing look. The company’s latest Gen2 elevator will also be installed in the building, which will include steel flat belts replacing traditional elevator cables. This new replacement will help improve efficiency and provide comfort to passengers. The Gen2 elevator's compact gearless machine requires minimal machine room space, allowing for rapid installation. The Gen2 has an innovative ReGen regenerative drive, which captures energy created by the elevator, and feeds the energy back into a building's electrical grid. As a result, the Gen2 elevator is up to 75% more energy efficient than conventional systems with non-regenerative drives.

Beirut Terraces is developed by Benchmark, a leader in the development, management and investment of the Middle East real estate market. However, the building is designed by Swiss architects Herzog and de Meuron. This is a unique residential building, located in the Beirut Central District, which is the most high-end residential area in Lebanon.

Otis is a leading provider of elevator and escalator services. The company offers its services to over 200 countries and territories. Alongside, it maintains more that 1.9 million elevators and escalators worldwide. With a constant focus on innovation and expansion, Otis is likely to procure more such prime contracts in the near future.

United Technologies, the parent company of Otis, currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space include WageWorks, Inc. (NYSE:WAGE) , Honeywell International Inc. (NYSE:HON) and Koninklijke KPN N.V. KKPNF. All three stocks carry a Zacks Rank #2 (Buy).